By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY CORN


  May corn closed higher Friday, near the session high, hit a fresh four-week
high and closed at a bullish weekly high close. The bulls have gained fresh
upside near-term technical momentum.

  The next downside price objective for the bears is to push and close prices
below solid technical support at last week's low of $3.57 a bushel. The bulls'
next upside price objective is to push and close prices above major
psychological resistance at $4.00.

  First resistance for May corn is seen at Friday's high of $3.89 3/4 and then
at $3.93. First support is seen at Friday's low of $3.83 and then at $3.75.

$8.22 

 the contract high
$3.66 1/2 --- 10-day moving average
$3.65 

 20-day moving average
$3.76 3/4 --- 40-day moving average
$3.15 3/4 --- the contract low

MAY CBOT WHEAT


  May wheat on Friday closed weaker and near the session low. Wheat bears still
have the near-term technical advantage. Prices are still in a two-month-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 the March low of $4.98 1/2. Bulls' next upside
price objective is to push and close May futures prices above solid technical
resistance at $5.44 3/4 a bushel.

  First resistance is seen at Friday's high of $5.27 3/4 and then at $5.31.
First support lies at $5.15 and then at last week's low of $5.06 1/2.

$11.90 
--- the contract high
$5.18 
--- 10-day moving average
$5.23 1/2 --- 20-day moving average
$5.51 1/4 --- 40-day moving average
$4.84 1/4 --- the contract low

MAY KCBT WHEAT


  May KCBT wheat on Friday closed lower and nearer the session low. Bears still
have the near-term technical advantage as prices are in a nine-week-old
downtrend on the daily bar chart.

  The bulls' next upside price objective is pushing prices above psychological
resistance at $6.00. The bears' next downside objective is pushing and closing
prices below solid technical support at the March low of $5.41 1/2.

  First resistance is seen at $5.70 and then at $5.80. First support is seen at
Friday's low of $5.63 and then at this week's low of $5.58 1/2.

$12.55 

 the contract high
$5.65 3/4 --- 10-day moving average
$5.65 
--- 20-day moving average
$5.86 
--- 40-day moving average
$5.13 

 the contract low