By Jim Wyckoff

  DOW JONES NEWSWIRES

DECEMBER CORN


  December corn prices Friday closed lower, near the session low and closed at
a bearish weekly low close on profit-taking pressure. No serious chart damage
occurred but the bulls are fading a bit and need to show fresh power soon. Corn
bulls still have the solid near-term technical advantage. The bulls' next
upside price objective is to push and close prices above technical resistance
at the contract high of $7.91 1/2. The next downside price objective for the
bears is to push and close prices below solid support at last week's low of
$7.51 1/4. First resistance for December corn is seen at $7.60 and then at
$7.65. First support is seen at $7.51 1/4 and then at $7.50.

7.91 1/2 --- the contract high
7.46 1/2 --- 10-day moving average
6.92 1/4 --- 20-day moving average
6.59 1/4 --- 40-day moving average
2.59 

 the contract low

DECEMBER CBOT WHEAT


  December Chicago wheat prices Friday closed lower, nearer the session low and
closed at a bearish weekly low close on profit taking from recent gains. Bulls
still have the slight near-term technical advantage, but have faded. The bulls'
next upside price objective is to push and close December futures prices above
solid technical resistance at last week's high of $9.54 a bushel. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at $9.00 a bushel. First resistance is seen at $9.25
and then at Friday's high of $9.35. First support lies at Friday's low of $9.04
and then at $9.00.

12.84 1/4 --- the contract high
9.03 1/4 --- 10-day moving average
8.53 1/2 --- 20-day moving average
8.42 1/4 --- 40-day moving average
4.00 1/2 --- the contract low

DECEMBER KCBT WHEAT


  December Kansas City wheat prices Friday closed lower, nearer the session low
and closed at a bearish weekly low close on profit taking. Bulls have the
slight near-term technical advantage in wheat, but are fading. The bulls' next
upside price objective is pushing and closing prices above solid technical
resistance at last week's high of $9.86 a bushel. The bears' next downside
objective is pushing and closing prices below solid technical support at $9.38
1/2. First resistance is seen at $9.50 and then at Friday's high of $9.71.
First support is seen at $9.38 1/2 and then at $9.25.

12.99 

 the contract high
9.36 3/4 --- 10-day moving average
8.88 1/4 --- 20-day moving average
8.79 3/4 --- 40-day moving average
4.88 

 the contract low