By Jim Wyckoff

  DOW JONES NEWSWIRES

DECEMBER CORN


  December corn prices Wednesday closed higher and near the session high. Corn
bulls still have the near-term technical advantage and regained some upside
technical momentum Wednesday. The bulls' next upside price objective is to push
and close prices above technical resistance at $7.75. 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 Wednesday's
high of $7.66 and then at $7.70. First support is seen at $7.60 and then at
$7.55.

7.91 1/2 --- the contract high
7.61 1/2 --- 10-day moving average
7.12 1/4 --- 20-day moving average
6.69 1/2 --- 40-day moving average
2.59 

 the contract low

DECEMBER CBOT WHEAT


  December Chicago wheat prices Wednesday closed solidly higher and near the
session high on short covering and bargain-hunting buying. Bulls Wednesday
regained the slight near-term technical advantage. 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 $9.00 a bushel. First resistance is seen at $9.54 and then at $9.75.
First support lies at $9.25 and then at Wednesday's low of $9.08 1/2.

12.84 1/4 --- the contract high
9.20 3/4 --- 10-day moving average
8.72 3/4 --- 20-day moving average
8.47 1/4 --- 40-day moving average
4.00 1/2 --- the contract low

DECEMBER KCBT WHEAT


  December Kansas City wheat prices Wednesday closed solidly higher and near
the session high. Bulls have regained the slight near-term technical advantage.
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 this week's low of $9.25. First resistance is seen at $9.86 and then at
$10.00. First support is seen at Wednesday's low of $9.50 and then at $9.40.

12.99 

 the contract high
9.54 3/4 --- 10-day moving average
9.06 1/4 --- 20-day moving average
8.84 3/4 --- 40-day moving average
4.88 

 the contract low