PRECIOUS METALS

August gold was lower overnight due to profit taking as it consolidates some
of Tuesday's rally. Stochastics and the RSI are overbought but remain
neutral to bullish signaling that sideways to higher prices are possible
near-term. If August extends the rally off June's low, April's high crossing
at 959.50 is the next upside target. Closes below the 20-day moving average
crossing at 898.20 would confirm that a short-term top has been posted.
First resistance is Tuesday's high crossing at 948.30. Second resistance is
April's high crossing at 959.50. First support is the 10-day moving average
crossing at 912.50. Second support is the 20-day moving average crossing at
898.20.

GRAINS

December corn was lower overnight as it extends this week's decline and is
poised to test key support marked by the 20-day moving average crossing at
7.45 3/4. Stochastics and the RSI have turned bearish signaling that
sideways to lower prices are possible near-term. Closes below the 20-day
moving average crossing at 7.45 3/4 would confirm that a short-term top has
been posted while opening the door for a larger-degree decline during the
first half of July. If December renews this year's rally into uncharted
territory, upside targets will be hard to project. First resistance is the
10-day moving average crossing at 7.62. Second resistance is last Friday's
high crossing at 7.96. First support is the 20-day moving average crossing
at 7.45 3/4. Second support is Tuesday's low crossing at 7.35 3/4.

December wheat was lower overnight as it extends this week's decline below
the 20-day moving average crossing at 9.01. Stochastics and the RSI remain
bearish signaling that sideways to lower prices are possible near-term. If
December extends this week's decline, the reaction low crossing at 8.27 1/2
is the next downside target. Closes above the 10-day moving average crossing
at 9.14 1/4 would temper the near-term bearish outlook in the market.

SOYBEAN COMPLEX

November soybeans were lower due to light profit taking overnight as it
consolidates some of this week's rally. Additional profit taking ahead of
the July 4th weekend is possible. Stochastics and the RSI are overbought but
remain neutral to bullish signaling that sideways to higher prices are
possible near-term. If November extends this week's rally into uncharted
territory, upside targets will be hard to project. Closes below the 20-day
moving average crossing at 15.19 1/2 are needed to confirm that a short-term
top has been posted.

December soybean meal was higher overnight as it extends this week's rally
and posted a new contract high. Profit taking tempered early overnight gains
and the low-range close set the stage for a steady to lower opening when the
day session begins later this morning. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If December extends this year's rally,
monthly resistance crossing at 432.00 is the next upside target. Closes
below the 20-day moving average crossing at 389.10 would confirm that a
short-term top has been posted.

December soybean oil was lower overnight due to light profit taking as it
consolidates some of this week's rally but remains above the 10-day moving
average crossing at 66.64. Stochastics and the RSI remain bullish signaling
that sideways to higher prices are possible near-term. If December extends
this week's rally, the previous reaction high crossing at 70.31 is the next
upside target. Closes below last Wednesday's low crossing at 63.45 would
confirm that a short-term top has been posted.