By Jim Wyckoff

  DOW JONES NEWSWIRES


  NOVEMBER SOYBEANS


  November soybean prices Wednesday closed solidly higher and near the session
high on short covering and bargain-hunting buying. Bulls still have the solid
near-term technical advantage and regained power Wednesday. Traders are
awaiting Friday morning's monthly USDA supply and demand report. The next
upside price objective for the bean bulls is to push and close prices above
solid resistance at $15.66 3/4 a bushel. The next downside price objective for
the bears is pushing and closing prices below psychological support at $15.00.
First resistance for November soybeans is seen at Wednesday's high of $15.60
and then at $15.66 3/4. First support is seen at Wednesday's low of $15.29 and
then at $15.00.

16.36 3/4 --- the contract high
15.73 3/4 --- 10-day moving average
15.46 3/4 --- 20-day moving average
14.54 1/4 --- 40-day moving average
5.98 

 the contract low


  DECEMBER SOYBEAN MEAL


  December soymeal prices Wednesday closed solidly higher and near the session
high. Bulls gained more technical power Wednesday. The next upside price
objective for the bulls is to produce a close above solid technical resistance
at $420.00. The next downside price objective for the bears is pushing and
closing prices below solid support at $400.00. First resistance comes in at
$420.00 and then at $425.00. First support is seen at $410.00 and then at
$405.00.

$429.00 --- the contract high
$412.30 --- 10-day moving average
$400.60 --- 20-day moving average
$368.20 --- 40-day moving average
$172.20 --- the contract low


  DECEMBER SOYBEAN OIL


  December bean oil prices Wednesday closed firmer and near mid-range. Short
covering and bargain-hunting buying were featured. Bean oil bulls have the
near-term technical advantage. A three-month-old uptrend is still in place on
the daily bar chart. The next upside price objective for the bean oil bulls is
pushing and closing prices above solid technical resistance at this week's high
of 68.45 cents. Bean oil bears' next downside technical price objective is
pushing and closing prices below solid support at this week's low of 64.05
cents. First resistance is seen at Wednesday's high of 66.00 cents and then at
66.83 cents. First support is seen at Wednesday's low of 64.75 cents and then
at 64.00 cents.

74.00 --- the contract high
67.22 --- 10-day moving average
66.92 --- 20-day moving average
65.24 --- 40-day moving average
23.28 --- the contract low