By Jim Wyckoff

  DOW JONES NEWSWIRES


  DECEMBER CORN


  December corn prices Wednesday closed lower, nearer the session low and
closed at a fresh four-week low close. The market this week has seen a bearish
downside "breakout" from a sideways trading range at higher price levels.
Near-term technical damage has been inflicted. Benign weather in the Corn Belt
is bearish for corn. Traders are waiting Friday morning's monthly USDA supply
and demand report. Corn bulls do still have the overall near-term technical
advantage, but have faded badly. The bulls' next upside price objective is to
push prices above solid technical resistance at $7.47, which would fill on the
upside a downside price gap on the daily chart. The next downside price
objective for the bears is to push and close prices below solid support at this
week's low of $7.02. First resistance for December corn is seen at Wednesday's
high of $7.25 3/4 and then at $7.32 1/4. First support is seen at Wednesday's
low of $7.04 3/4 and then at $7.02.

7.99 1/4 --- the contract high
7.58 3/4 --- 10-day moving average
7.58 1/2 --- 20-day moving average
6.97 3/4 --- 40-day moving average
2.59 

 the contract low


  DECEMBER CBOT WHEAT


  December Chicago wheat prices Wednesday closed lower, nearer the session low
and closed at a fresh four-week low close. Bears have the near-term technical
advantage. Traders are awaiting Friday morning's USDA supply and demand report.
Bulls' next upside price objective is to push and close December futures prices
above solid technical resistance at this week's high of $9.05 a bushel. The
next downside price objective for the bears is pushing and closing prices below
solid technical support at $8.00 a bushel. First resistance is seen at
Wednesday's high of $8.66 3/4 and then at $8.77. First support lies at
Wednesday's low of $8.44 1/2 and then at this week's low of $8.36.

12.84 1/4 --- the contract high
8.99 3/4 --- 10-day moving average
9.08 1/2 --- 20-day moving average
8.59 1/2 --- 40-day moving average
4.00 1/2 --- the contract low


  DECEMBER KCBT WHEAT


  December Kansas City wheat prices Wednesday closed lower, nearer the session
low and closed at a fresh four-week low close. Bears have the near-term
technical advantage. The bulls' next upside price objective is pushing and
closing prices above solid technical resistance at $9.50 a bushel. The bears'
next downside objective is pushing and closing prices below solid technical
support at $8.50. First resistance is seen at Wednesday's high of $8.85 and
then at $9.00. First support is seen at this week's low of $8.68 1/2 and then
at $8.50.

12.99 

 the contract high
9.27 3/4 --- 10-day moving average
9.39 1/4 --- 20-day moving average
8.93 3/4 --- 40-day moving average
4.88 

 the contract low