By Jim Wyckoff

  DOW JONES NEWSWIRES


  NOVEMBER SOYBEANS


  November soybean prices Thursday closed solidly higher, nearer the session
high and hit a fresh contract high. Bullish "outside markets" that included
soaring crude oil prices and a lower U.S. dollar also supported grains
Thursday. Bulls have solid near-term technical momentum on their side. Traders
are anxiously awaiting Monday morning's USDA planted acres report, especially
after recent heavy flooding in the Corn Belt. The next upside price objective
for the bean bulls is to push and close prices above major psychological
resistance at $16.00 a bushel. The next downside price objective for the bears
is pushing and closing prices below solid technical support at this week's low
of $14.73 3/4. First resistance for November soybeans is seen at Thursday's
contract high of $15.69 1/2 and then at $16.00. First support is seen at $15.50
and then at $15.40.

15.69 1/2 --- the contract high
15.26 
--- 10-day moving average
14.74 1/2 --- 20-day moving average
13.86 1/4 --- 40-day moving average
5.98 

 the contract low


  DECEMBER SOYBEAN MEAL


  December soymeal prices Thursday closed higher, near the session high and hit
a fresh contract high. Bulls have solid upside technical momentum, amid still
no early clues of a market top being close at hand. The next upside price
objective for the bulls is to produce a close above solid technical resistance
at $410.00. The next downside price objective for the bears is pushing and
closing prices below solid support at $390.00. First resistance comes in at
Thursday's contract high of $407.50 and then at $410.00. First support is seen
at $400.00 and then at Thursday's low of $393.60.

$407.50 --- the contract high
$392.90 --- 10-day moving average
$373.50 --- 20-day moving average
$345.80 --- 40-day moving average
$172.20 --- the contract low


  DECEMBER SOYBEAN OIL


  December bean oil prices Thursday closed higher and near the session high.
Short covering and bargain-hunting buying were featured again Thursday. Bean
oil bulls have the near-term technical advantage and gained more momentum
Thursday. A three-month-old uptrend is in place on the daily bar chart. The
next upside price objective for the bean oil bulls is pushing and closing
prices above solid technical resistance at 68.00 cents. Bean oil bears' next
downside technical price objective is pushing and closing prices below solid
support at this week's low of 63.46 cents. First resistance is seen at
Thursday's high of 67.65 cents and then at 68.00 cents. First support is seen
at 67.00 cents and then at 66.00 cents.

74.00 --- the contract high
66.51 --- 10-day moving average
65.59 --- 20-day moving average
63.79 --- 40-day moving average
23.28 --- the contract low