By Jim Wyckoff

  DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybean prices Monday closed lower and near the session high. Profit
taking pressured the market. No serious chart damage has occurred recently.
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 Monday's
low of $14.73 3/4. First resistance for November soybeans is seen at Monday's
high of $15.06 3/4 and then at $15.20. First support is seen at $14.90 and then
at Monday's low of $14.73 3/4.

15.66 3/4 --- the contract high
15.14 1/2 --- 10-day moving average
14.46 1/2 --- 20-day moving average
13.62 1/4 --- 40-day moving average
5.98 

 the contract low

DECEMBER SOYBEAN MEAL


  December soymeal prices Monday closed firmer near the session high. 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 Monday's low of $380.50. First resistance comes
in at Monday's high of $390.00 and then at $395.00. First support is seen at
$385.00 and then at Monday's low of $380.50.

$401.00 --- the contract high
$386.70 --- 10-day moving average
$363.40 --- 20-day moving average
$338.10 --- 40-day moving average
$172.20 --- the contract low

DECEMBER SOYBEAN OIL


  December bean oil prices Monday closed lower and nearer the session high and
hit a fresh two-week low. 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 Monday's high of 65.65 cents and then at 66.00 cents. First support
is seen at Monday's low of 64.23 cents and then at 64.00 cents.

74.00 --- the contract high
66.59 --- 10-day moving average
65.17 --- 20-day moving average
63.27 --- 40-day moving average
23.28 --- the contract low