DOW JONES NEWSWIRES


  NOVEMBER SOYBEANS


  On Wednesday, November soybean prices catapulted higher for the second
session in a row, ending with yet another fresh contract and all-time high. All
technical trends continue to point strongly to the upside, heading into the
Fourth of July holiday. Traders should be aware that seasonally this period
often serves up extra volatility in the grain futures markets. On the upside,
the next key target for bean bulls is to push and close prices above solid
technical resistance at $16.50 a bushel. The next downside price objective for
the bears is pushing and closing prices below psychological support at $16.00.
First resistance for November soybeans is seen at Wednesday's contract high of
$16.34 3/4 and then at $16.50. First support is seen at $16.11 and then at
$15.95 1/2.

16.34 3/4 

 the contract high
15.52 3/4 --- 10-day moving average
15.14 1/2 --- 20-day moving average
14.17 
--- 40-day moving average
5.98 

 the contract low


  DECEMBER SOYBEAN MEAL


  December soymeal prices continued their parabolic-type of rally Wednesday,
eking out another fresh contract high for the record books. The contract ended
near the session high, underscoring the strong hand of the bulls. Overall,
momentum remains bullish, with no technical signals that a top is forming. The
next upside price objective for the bulls is to produce a close above
psychological resistance at $430.00. The next downside price objective for the
bears is pushing and closing prices below solid support at this week's low of
$399.00. First resistance comes in at Wednesday's contract high of $428.00 and
then at $430.00. First support is seen at $420.00 and then at $412.50.

$428.00 --- the contract high
$403.60 --- 10-day moving average
$387.30 --- 20-day moving average
$355.50 --- 40-day moving average
$172.20 --- the contract low


  DECEMBER SOYBEAN OIL


  December bean oil prices closed higher Wednesday as the market is continuing
its stair-step rally pattern. While a nice uptrend has developed on the daily
chart off the April 1 high, the bulls face key upside resistance at the June 16
swing high at 70.31 cents. Bean oil bears' next downside technical price
objective is pushing and closing prices below solid support at this week's low
of 66.19 cents. First resistance is seen at Wednesday's high of 69.59 cents and
then at 70.00 cents. First support is seen at Wednesday's low of 67.75 cents
and then at 67.00 cents.

74.00 --- the contract high
67.01 --- 10-day moving average
66.54 --- 20-day moving average
64.62 --- 40-day moving average
23.28 --- the contract low