By Jim Wyckoff

  DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybean prices Thursday closed lower and near mid-range and were
pressured on profit taking. Bulls are still in technical command of soybeans
with still no signs of a market top being close at hand. The next upside price
objective for the bean bulls is to push and close prices above solid technical
resistance at the contract high of $15.66 3/4 a bushel. The next downside price
objective for the bears is pushing and closing prices below solid technical
support at Thursday's low of $14.91 3/4. First resistance for November soybeans
is seen at Thursday's high of $15.52 1/4 and then at the contract high of
$15.66 3/4. First support is seen at $15.00 and then at Thursday's low of
$14.91 3/4.

15.66 3/4 --- the contract high
15.02 
--- 10-day moving average
14.29 3/4 --- 20-day moving average
13.48 1/2 --- 40-day moving average
5.98 

 the contract low

DECEMBER SOYBEAN MEAL


  December soymeal prices Thursday closed lower and near mid-range and were
pressured by mild profit taking. Bulls still have the solid near-term technical
advantage, amid 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 the contract high of $401.00. The next downside price
objective for the bears is pushing and closing prices below solid support at
this week's low of $382.70. First resistance comes in at the contract high of
$401.00 and then at $405.00. First support is seen at $390.00 and then at
Thursday's low of $385.50.

$401.00 --- the contract high
$380.30 --- 10-day moving average
$357.20 --- 20-day moving average
$333.50 --- 40-day moving average
$172.20 --- the contract low

DECEMBER SOYBEAN OIL


  December bean oil prices Thursday closed lower and nearer the session low and
were pressured on profit taking. Bean oil bulls still have the near-term
technical advantage, but are fading and do not want to see a bearish weekly low
close on Friday. An 11-week-old uptrend is still 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 64.00 cents. First resistance is seen at 67.00 cents and then
at today's high of 67.50 cents. First support is seen at Thursday's low of
65.22 cents and then at 65.00 cents.

74.00 --- the contract high
66.74 --- 10-day moving average
65.05 --- 20-day moving average
63.06 --- 40-day moving average
23.28 --- the contract low