By Jim Wyckoff

  DOW JONES NEWSWIRES

MAY CORN


  May corn on Monday closed firmer and nearer the session low and was supported
on short covering in a bear market after prices hit a nine-week low on Friday.
Bearish key "outside markets" Monday - lower crude oil, a firmer U.S. dollar
against the other major currencies and a weaker U.S. stock market - did limit
buying interest in corn. Serious near-term chart damage has been inflicted in
corn recently. Corn bears still have some downside technical momentum. A
seven-week-old downtrend remains in place on the daily bar chart. The next
downside price objective for the bears is to push and close prices below solid
longer-term technical support at $3.50 a bushel. The bulls' next upside price
objective is to push and close prices above solid technical resistance at
$3.90. First resistance for March corn is seen at $3.65 and then at Monday's
high of $3.68 1/2. First support is seen at Monday's low of $3.58 and then at
$3.55.

$8.22 

 the contract high
$3.70 1/4 --- 10-day moving average
$3.78 1/4 --- 20-day moving average
$3.92 1/4 --- 40-day moving average
$3.15 3/4 --- the contract low

MAY CBOT WHEAT


  May wheat on Monday closed lower and near the session low. The market was
pressured by bearish "outside markets" - lower crude oil prices, a stronger
U.S. dollar and a weaker U.S. stock market. Prices Friday hit another fresh
two-month low. Wheat bears still have the overall near-term technical
advantage. Prices are in a seven-week-old downtrend on the daily bar chart. The
next downside price objective for the bears is pushing and closing prices below
solid technical support at $5.00. The bulls' next upside price objective is to
push and close May futures prices above solid technical resistance at last
week's high of $5.49 1/2 a bushel. First resistance is seen at $5.25 and then
at $5.35. First support lies at Monday's low of $5.20 and then at last week's
low of $5.15 1/2.

$11.90 
--- the contract high
$5.43 3/4 --- 10-day moving average
$5.63 1/4 --- 20-day moving average
$5.84 1/4 --- 40-day moving average
$4.84 1/4 --- the contract low

MAY KCBT WHEAT


  May Kansas City Wheat on Monday closed lower and near the session low amid
bearish outside markets. Prices are still in a seven-week-old downtrend on the
daily bar chart. The bulls' next upside price objective is pushing prices above
solid technical resistance at $5.81 3/4, which would fill on the upside a
downside price gap on the daily chart. The bears' next downside objective is
pushing and closing prices below solid technical support at last week's low of
$5.52 1/2. First resistance is seen at Monday's high of $5.68 and then at
$5.75. First support is seen at Monday's low of $5.56 and then at $5.52 1/2.

$12.55 

 the contract high
$5.76 1/4 --- 10-day moving average
$5.93 1/2 --- 20-day moving average
$6.10 1/2 --- 40-day moving average
$5.13 

 the contract low