By Jim Wyckoff

  DOW JONES NEWSWIRES

MAY CORN

May corn on Monday closed firmer and nearer the session high and hit a fresh
six-week high. Prices also scored a bullish "outside day" up on the daily bar
chart. The key outside markets were bullish for corn Monday -- firmer crude oil
prices, a weaker U.S. dollar and a stronger U.S. stock market. Increased farmer
selling of cash corn in the country limited the upside in corn Monday. The
bulls have gained fresh upside near-term technical momentum recently. A
two-week-old uptrend is in place on the daily bar chart. The next downside
price objective for the bears is to push and close prices below solid technical
support at $3.70 a bushel. The bulls' next upside price objective is to push
and close prices above solid technical resistance at $4.25. First resistance
for May corn is seen at Monday's high of $3.97 1/2 and then at $4.00. First
support is seen at $3.85 and then at Monday's low of $3.81 1/2.

$8.22 

 the contract high
$3.70 1/2 --- 10-day moving average
$3.65 3/4 --- 20-day moving average
$3.77 1/4 --- 40-day moving average
$3.15 3/4 --- the contract low

MAY CBOT WHEAT

May wheat on Monday closed higher and near the session high, scored a bullish
"outside day" up on the daily bar chart and hit a fresh four-week high. Short
covering and speculative buying were featured. Some dry weather in the U.S.
Plains states also supported buying interest in wheat futures Monday. The key
outside markets were bullish for wheat Monday -- firmer crude oil prices, a
weaker U.S. dollar and a stronger U.S. stock market. Wheat bears still have the
near-term technical advantage. Prices are still in a 2.5-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 $5.75 a bushel. First resistance is seen at
Monday's high of $5.46 1/2 and then at $5.50. First support lies at $5.30 and
then at $5.25.

$11.90 
--- the contract high
$5.21 3/4 --- 10-day moving average
$5.23 1/2 --- 20-day moving average
$5.50 1/4 --- 40-day moving average
$4.84 1/4 --- the contract low

MAY KCBT WHEAT

May KCBT wheat on Monday closed higher and near the session high and hit a
fresh five-week high on more short covering and fresh spec buying. A
nine-week-old downtrend on the daily bar chart was negated Monday. The bulls'
next upside price objective is pushing prices above solid technical resistance
at $6.25. The bears' next downside objective is pushing and closing prices
below solid technical support at last week's low of $5.58 1/2. First resistance
is seen at Monday's high of $5.98 and then at $6.00. First support is seen at
$5.88 and then at $5.80.

$12.55 

 the contract high
$5.70 3/4 --- 10-day moving average
$5.65 3/4
-- 20-day moving average
$5.85 3/4 
--- 40-day moving average
$5.13 

 the contract low