By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  MAY CORN


  May corn on Thursday closed higher. Price action produced an uncommon gap up
on the electronic trading charts. Prices hit a fresh seven-week high and then
did back off to close nearer the session low. Bullish "outside markets" -
sharply higher crude oil prices and a sharply lower U.S. dollar - did boost
buying interest in corn Thursday, as the commodity market inflation play was in
effect Thursday. The bulls have gained upside near-term technical momentum. A
three-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 $3.75 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 $4.00 and then at Thursday's high of $4.02 1/2. First
support is seen at Thursday's low of $3.93 1/2 and then at $3.90.

$8.22 

 the contract high
$3.80 3/4--- 10-day moving average
$3.70 3/4--- 20-day moving average
$3.76 1/2--- 40-day moving average
$3.15 3/4 --- the contract low


  MAY CBOT WHEAT


  May wheat on Thursday closed higher and near the session high and closed at a
fresh five-week high close. Bullish "outside markets" - sharply higher crude
oil prices and a sharply lower U.S. dollar - did boost buying interest in wheat
Thursday, as the commodity market inflation play was in effect. Wheat bears
still have the slight near-term technical advantage. The next downside price
objective for the bears is pushing and closing prices below solid technical
support at this week's low of $5.11 1/2. Bulls' next upside price objective is
to push and close May futures prices above solid technical resistance at $5.89
3/4 a bushel. First resistance is seen at Thursday's high of $5.59 1/2 and then
at $5.75. First support lies at $5.50 and then at Thursday's low of $5.37 3/4.

$11.90 
--- the contract high
$5.31 3/4 --- 10-day moving average
$5.26 1/4 --- 20-day moving average
$5.47 3/4 --- 40-day moving average
$4.84 1/4 --- the contract low


  MAY KCBT WHEAT


  May KCBT wheat on Thursday closed higher and near the session high and closed
at a fresh five-week high close. Prices are in a three-week-old uptrend on the
daily bar chart. The bulls' next upside price objective is pushing prices above
solid technical resistance at $6.15. The bears' next downside objective is
pushing and closing prices below solid technical support at this week's low of
$5.71. First resistance is seen at this week's high of $6.09 and then at $6.15.
First support is seen at $6.00 and then at Thursday's low of $5.94.

$12.55 

 the contract high
$5.83 1/4 --- 10-day moving average
$5.71 1/2 --- 20-day moving average
$5.85 1/4 --- 40-day moving average
$5.13 

 the contract low