By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  JULY SOYBEANS


  July soybeans on Thursday closed higher and near the session high and hit a
fresh 7.5-month high. Bulls still have the near-term technical advantage. The
next upside price objective for the bean bulls is to push and close prices
above psychological resistance at $12.00 a bushel. The next downside price
objective for the bears is pushing and closing prices below solid support at
$10.50 a bushel. First resistance for July soybeans is seen at $11.50 and then
at $11.75. First support is seen at $11.31 and then at $11.20.

$16.50 

 the contract high
$11.13 3/4 --- 10-day moving average
$10.69 1/2 --- 20-day moving average
$10.22 1/4 --- 40-day moving average
$6.85 

 the contract low


  JULY SOYBEAN MEAL


  July soybean meal on Thursday closed higher and nearer the session high and
hit a fresh 8.5-month high. Bulls have the near-term technical advantage and
gained more momentum Thursday. The next upside price objective for the bulls is
to produce a close above solid technical resistance at $375.00. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at this week's low of $335.10. First resistance comes
in at Thursday's high of $362.10 and then at $365.00. First support is seen at
$360.00 and then at $355.00.

$435.50 --- contract high
$346.60 --- 10-day moving average
$331.80 --- 20-day moving average
$315.10 --- 40-day moving average
$203.30 --- the contract low


  JULY SOYBEAN OIL


  July soybean oil on Thursday closed weaker and near mid-range on more mild
profit-taking pressure. Bulls still have the near-term technical advantage. The
next upside price objective for the bean oil bulls is pushing and closing
prices above solid technical resistance at this week's high of 40.20 cents.
Bean oil bears' next downside technical price objective is pushing and closing
prices below solid technical support at 37.00 cents. First resistance is seen
at today's high of 39.15 cents and then at 39.69 cents. First support is seen
at Thursday's low of 38.70 cents and then at 38.50 cents.

71.90 --- the contract high
38.86 --- 10-day moving average
37.53 --- 20-day moving average
36.07 --- 40-day moving average
29.23 --- the contract low