By Jim Wyckoff

  DOW JONES NEWSWIRES


  NOVEMBER SOYBEANS


  November soybean prices Thursday closed lower and near mid-range.
Profit-taking pressure was featured after limit gains on Wednesday. Bearish
"outside markets"--lower crude oil prices and a stronger U.S. dollar - also
pressured beans Thursday. A bullish weekly high close on Friday would better
suggest that a near-term market low is in place. However, prices are still in a
five-week-old downtrend on the daily bar chart. The next upside price objective
for the bean bulls is to push and close prices above psychological resistance
at $13.00 a bushel. The next downside price objective for the bears is pushing
and closing prices below solid technical support at Thursday's low of $12.41.
First resistance for November soybeans is seen at $13.00 and then at Thursday's
high of $13.07. First support is seen at $12.50 and then at $12.41.

16.36 3/4 --- the contract high
12.53 3/4 --- 10-day moving average
13.26 3/4 --- 20-day moving average
14.40 1/4 --- 40-day moving average
5.98 

 the contract low


  DECEMBER SOYBEAN MEAL


  December soymeal prices closed lower and near mid-range. Prices are still in
a four-week-old downtrend on the daily bar chart. The next upside price
objective for the bulls is to produce a close above solid technical resistance
at today's high of $357.80. The next downside price objective for the bears is
pushing and closing prices below solid technical support at $340.00. First
resistance comes in at $350.00 and then at Thursday's high of $357.80. First
support is seen at $345.00 and then at $340.00.

$431.90 --- the contract high
$337.60 --- 10-day moving average
$352.60 --- 20-day moving average
$380.00 --- 40-day moving average
$172.20 --- the contract low


  DECEMBER SOYBEAN OIL


  December bean oil prices Thursday closed lower and near mid-range. Prices are
still in a steep five-week-old downtrend 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 55.00 cents. Bean oil bears' next downside
technical price objective is pushing and closing prices below solid technical
support at this week's low of 50.54 cents. First resistance is seen at
Thursday's high of 54.00 cents and then at 54.50 cents. First support is seen
at

52.50 cents and then at 52.00 cents.
74.00 --- the contract high
53.30 --- 10-day moving average
56.92 --- 20-day moving average
61.60 --- 40-day moving average
23.28 --- the contract low