By Jim Wyckoff

  DOW JONES NEWSWIRES

DECEMBER CORN


  December corn prices Tuesday closed lower and nearer the session low on more
profit-taking pressure and warm and dry conditions over most of the Corn Belt.
Corn bulls still have the near-term technical advantage, but have faded a bit
recently. The bulls' next upside price objective is to push and close prices
above technical resistance at Tuesday's high of $7.64 1/4. The next downside
price objective for the bears is to push and close prices below solid support
at this week's low of $7.38. First resistance for December corn is seen at
$7.51 1/2 and then at $7.60. First support is seen at Tuesday's low of $7.43
3/4 and then at $7.38.

7.91 1/2 --- the contract high
7.58 1/4 --- 10-day moving average
7.04 3/4 --- 20-day moving average
6.66 
--- 40-day moving average
2.59 

 the contract low

DECEMBER CBOT WHEAT


  December Chicago wheat prices Tuesday closed firmer and near mid-range in
quieter trading. Bulls and bears are 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 this week's low of $8.83 1/2 a bushel.
First resistance is seen at Tuesday's high of $9.25 and then at $9.35. First
support lies at $9.00 and then at this week's low of $8.83 1/2.

12.84 1/4 --- the contract high
9.17 1/2 --- 10-day moving average
8.65 1/4 --- 20-day moving average
8.44 3/4 --- 40-day moving average
4.00 1/2 --- the contract low

DECEMBER KCBT WHEAT


  December Kansas City wheat prices Tuesday closed firmer and near mid-range in
quieter trading. Bulls and bears are 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 Tuesday's high of $9.53 and then
at $9.75. First support is seen at Tuesday's low of $9.40 and then at this
week's low of $9.25.

12.99 

 the contract high
9.51 

- 10-day moving average
8.99 1/4 --- 20-day moving average
8.82 1/2 --- 40-day moving average
4.88 

 the contract low