By Jim Wyckoff

  DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybean prices Tuesday closed lower and nearer the session low. More
profit taking and warmer and drier weather in the Corn Belt pressured the
market again Tuesday. No serious chart damage has occurred recently, but the
bulls are fading a bit. Bulls still have the overall near-term technical
advantage. 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 this week's low of $14.73 3/4.
First resistance for November soybeans is seen at $15.00 and then at Tuesday's
high of $15.17. First support is seen at Tuesday's low of $14.80 1/4 and then
at $14.73 3/4.

15.66 3/4 --- the contract high
15.19 1/2 --- 10-day moving average
14.54 
--- 20-day moving average
13.69 3/4 --- 40-day moving average
5.98 

 the contract low

DECEMBER SOYBEAN MEAL


  December soymeal prices Tuesday closed weaker 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 $380.50. First resistance comes in at $390.00 and then at
Tuesday's high of $393.00 and then at $395.00. First support is seen at
Tuesday's low of $383.00 and then at this week's low of $380.50.

$401.00 --- the contract high
$388.90 --- 10-day moving average
$366.30 --- 20-day moving average
$340.50 --- 40-day moving average
$172.20 --- the contract low

DECEMBER SOYBEAN OIL


  December bean oil prices Tuesday closed weaker and near mid-range and closed
at a fresh two-week low close. 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 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 Tuesday's high of 65.69 cents and then at 66.00
cents. First support is seen at this week's low of 64.23 cents and then at
64.00 cents.

74.00 --- the contract high
66.63 --- 10-day moving average
65.22 --- 20-day moving average
63.41 --- 40-day moving average
23.28 --- the contract low