By Jim Wyckoff

  DOW JONES NEWSWIRES

DECEMBER CORN


  December corn prices Monday closed higher and nearer the session high after
solid selling pressure was seen earlier in the session. 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 Monday's low of $7.38. First resistance for
December corn is seen at Monday's high of $7.61 1/2 and then at $7.65. First
support is seen at $7.50 and then at $7.45.

7.91 1/2 --- the contract high
7.53 3/4 --- 10-day moving average
6.98 3/4 --- 20-day moving average
6.63 
--- 40-day moving average
2.59 

 the contract low

DECEMBER CBOT WHEAT


  December Chicago wheat prices Monday closed firmer and near the session high.
Bulls have faded a bit and bulls and bears are now back on a level near-term
technical playing field. The bulls' next upside price objective is to push and
close December futures prices above solid technical resistance at the June high
of $9.54 a bushel. The next downside price objective for the bears is pushing
and closing prices below solid technical support at Monday's low of $8.83 1/2 a
bushel. First resistance is seen at Monday's high of $9.15 and then at $9.35.
First support lies at $9.00 and then at Monday's low of $8.83 1/2.

12.84 1/4 --- the contract high
9.11 1/4 --- 10-day moving average
8.59 1/2 --- 20-day moving average
8.43 4/4 --- 40-day moving average
4.00 1/2 --- the contract low

DECEMBER KCBT WHEAT


  December Kansas City wheat prices Monday closed lower and nearer the session
high. Bulls have faded and bulls and bears are back on a level near-term
technical playing field. The bulls' next upside price objective is pushing and
closing prices above solid technical resistance at the June high of $9.86 a
bushel. The bears' next downside objective is pushing and closing prices below
solid technical support at $9.00. First resistance is seen at $9.50 and then at
$9.75. First support is seen at Monday's low of $9.25 and then at $9.12.

12.99 

 the contract high
9.44 1/4 --- 10-day moving average
8.93 3/4 --- 20-day moving average
8.81 1/4 --- 40-day moving average
4.88 

 the contract low