By Jim Wyckoff

  DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybean prices Friday closed lower, nearer the session low and
closed at a bearish weekly low close. Profit-taking was featured and no chart
damage occurred. 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 last
week's low of $14.91 3/4. First resistance for November soybeans is seen at
$15.30 and then at Friday's high of $15.41 1/4. First support is seen at
Friday's low of $14.98 3/4 and then at $14.91 3/4.

15.66 3/4 --- the contract high
15.09 
--- 10-day moving average
14.39 1/4 --- 20-day moving average
13.55 1/4 --- 40-day moving average
5.98 

 the contract low

DECEMBER SOYBEAN MEAL


  December soymeal prices Friday closed lower, near the session low and at a
bearish weekly low close. Profit taking was featured and no serious chart
damage occurred. 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 last week's low of
$382.70. First resistance comes in at $390.00 and then at $395.00. First
support is seen at Friday's low of $387.00 and then at $382.70.

$401.00 --- the contract high
$383.60 --- 10-day moving average
$360.30 --- 20-day moving average
$335.80 --- 40-day moving average
$172.20 --- the contract low

DECEMBER SOYBEAN OIL


  December bean oil prices Friday closed weaker, nearer the session low and
closed at a bearish weekly low close. Profit taking was featured. Bean oil
bulls still have the near-term technical advantage, but are fading. An
11-week-old uptrend is still in place on the daily bar chart, but now just
barely. 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 66.00 cents and then
at Friday's high of 66.82 cents. First support is seen at last week's low of
65.22 cents and then at 65.00 cents.

74.00 --- the contract high
66.69 --- 10-day moving average
65.17 --- 20-day moving average
63.16 --- 40-day moving average
23.28 --- the contract low