By Jim Wyckoff

  DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybean prices closed solidly lower and near the session low on
profit taking and amid a big drop in corn prices. While no significant chart
damage has occurred in soybeans, a potentially bearish diamond pattern has
formed on the daily bar chart. Bulls still have the near-term technical
advantage. The next upside price objective for the bean bulls is to push and
close prices above solid resistance at the contract high of $16.36 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 Monday's high of $15.83 1/2 and then at $16.00. First
support is seen at Monday's low of $15.49 1/4 and then at $15.25.

16.36 3/4 --- the contract high
15.83 1/2 --- 10-day moving average
15.56 1/4 --- 20-day moving average
14.73 1/4 --- 40-day moving average
5.98 

 the contract low

DECEMBER SOYBEAN MEAL


  December soymeal prices Monday closed solidly lower and near the session low.
No significant chart damage has occurred in meal. The next upside price
objective for the bulls is to produce a close above solid technical resistance
at the contract high of $431.90. 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 Monday's high of $425.00. First
support is seen at Monday's low of $412.40 and then at $407.50.

$431.90 --- the contract high
$417.80 --- 10-day moving average
$406.50 --- 20-day moving average
$375.40 --- 40-day moving average
$172.20 --- the contract low

DECEMBER SOYBEAN OIL


  December bean oil prices Monday closed solidly lower and near mid-range. Bean
oil bulls still have the near-term technical advantage. A three-month-old
uptrend is still in place on the daily bar chart, but now just barely. The next
upside price objective for the bean oil bulls is pushing and closing prices
above solid technical resistance at last week's high of 68.45 cents. The bean
oil bears' next downside technical price objective is pushing and closing
prices below solid support at last week's low of 64.05 cents. First resistance
is seen at Monday's high of 65.78 cents and then at 66.00 cents. First support
is seen at Monday's low of 64.57 cents and then at 64.05 cents.

74.00 --- the contract high
66.86 --- 10-day moving average
66.66 --- 20-day moving average
65.46 --- 40-day moving average
23.28 --- the contract low