By Jim Wyckoff

  DOW JONES NEWSWIRES

DECEMBER CORN


  December corn prices Friday closed slightly lower, near mid-range and did set
a fresh contract high. Traders are anxiously awaiting Monday morning's USDA
planted acres report, especially after recent heavy flooding in the Corn Belt.
Corn bulls have the solid near-term technical advantage amid no significant
technical clues that a market top is close at hand. The bulls' next upside
price objective is to push and close prices above major psychological
resistance at $8.00. The next downside price objective for the bears is to push
and close prices below solid support at $7.50. First resistance for December
corn is seen at $8.00 and then at $8.05. First support is seen at Friday's low
of $7.80 and then at $7.75.

7.99 1/4 --- the contract high
7.68 1/2 --- 10-day moving average
7.29 
--- 20-day moving average
6.77 1/2 --- 40-day moving average
2.59 

 the contract low

DECEMBER CBOT WHEAT


  December Chicago wheat prices Friday closed solidly lower and near the
session low. Bulls still have the slight near-term technical advantage but did
fade on Friday. The bulls' next upside price objective is to push and close
December futures prices above major psychological resistance at $10.00 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 $9.50 and then at Friday's high of $9.83. First support lies at
Friday's low of $9.28 1/4 and then at $9.12.

12.84 1/4 --- the contract high
9.29 3/4 --- 10-day moving average
8.88 3/4 --- 20-day moving average
8.53 1/2 --- 40-day moving average
4.00 1/2 --- the contract low

DECEMBER KCBT WHEAT


  December Kansas City wheat prices Friday closed solidly lower and near the
session low. Bulls have the slight near-term technical advantage but did fade
on Friday. The bulls' next upside price objective is pushing and closing prices
above solid technical resistance at last week's high of $10.22 a bushel. The
bears' next downside objective is pushing and closing prices below solid
technical support at last week's low of $9.25. First resistance is seen at
$9.83 and then at $10.00. First support is seen at Friday's low of $9.66 and
then at $9.50.

12.99 

 the contract high
9.63 1/4 --- 10-day moving average
9.21 

 20-day moving average
8.90 1/2 --- 40-day moving average
4.88 

 the contract low