By Jim Wyckoff

  DOW JONES NEWSWIRES

DECEMBER CORN


  December corn prices Monday closed down the 30-cent trading limit at $7.57.
Prices Friday did hit a fresh contract high of $7.99 1/4. Profit-taking was
featured Monday as it was the last trading day of the month and the quarter. No
serious chart damage occurred, but strong follow-through selling pressure on
Tuesday would likely begin to produce some near-term chart damage. Corn bulls
still have the solid near-term technical advantage amid no signs of a market
top being 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 last week's low of $7.38. First resistance for December corn is seen at
$7.65 and then at $7.72. First support is seen at $7.50 and then at $7.38.

7.99 1/4 --- the contract high
7.67 3/4 --- 10-day moving average
7.34 3 /4 --- 20-day moving average
6.80 3/4 --- 40-day moving average
2.59 

 the contract low

DECEMBER CBOT WHEAT


  December Chicago wheat prices Monday closed sharply lower and near the
session low and hit a fresh two-week low. Near-term chart damage has been
inflicted as an uptrend line from the late-May low has been penetrated on the
downside and negated. The bears do have fresh downside technical momentum on
their side. The bulls' next upside price objective is to push and close
December futures prices above solid technical resistance at $9.50 a bushel. The
next downside price objective for the bears is pushing and closing prices below
solid technical support at $8.50 a bushel. First resistance is seen at $9.00
and then at $9.25. First support lies at Monday's low of $8.77 1/4 and then at
$8.50.

12.84 1/4 --- the contract high
9.26 1/4 --- 10-day moving average
8.91 3/4 --- 20-day moving average
8.54 1/2 --- 40-day moving average
4.00 1/2 --- the contract low

DECEMBER KCBT WHEAT


  December Kansas City wheat prices Monday closed solidly lower and near the
session low. Bears have regained the near-term technical advantage. The bulls'
next upside price objective is pushing and closing prices above solid technical
resistance at $9.66 a bushel, which would fill on the upside Monday's downside
price gap. The bears' next downside objective is pushing and closing prices
below solid technical support at $9.00. First resistance is seen at $9.40 and
then at $9.50. First support is seen at Monday's low of $9.13 and then at
$9.00.

12.99 

 the contract high
9.59 3/4 --- 10-day moving average
9.24 1 /4 --- 20-day moving average
8.91 1/4 --- 40-day moving average
4.88 

 the contract low