By Jim Wyckoff

  DOW JONES NEWSWIRES

DECEMBER CORN


  December corn prices Monday closed sharply lower, near the session low and
hit a fresh four-week low. More near-term technical damage was inflicted
Monday. Bears have gained near-term technical momentum amid ideas that a major
market top could now be in place for corn. The bulls' next upside price
objective is to push and close prices above psychological resistance at $7.00.
The next downside price objective for the bears is to push and close prices
below solid technical support at the May high of $6.55 1/2. First resistance
for December corn is seen at $6.85 and then at Monday's high of $6.96 1/2.
First support is seen at Monday's low of $6.80 and then at $6.75.

7.99 1/4 --- the contract high
7.34 1/2 --- 10-day moving average
7.51 1/2 --- 20-day moving average
7.03 1/2 --- 40-day moving average
2.59 

 the contract low

DECEMBER CBOT WHEAT


  December Chicago wheat prices Monday closed lower and nearer the session low,
amid big losses in corn. Prices are pausing at present, and this pause is not
bullish. Wheat bears still have the near-term technical advantage. The bulls'
next upside price objective is to push and close December futures prices above
solid technical resistance at $9.00 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 Monday's high of $8.57 3/4 and then
at $8.66 3/4. First support lies at last week's low of $8.36 and then at $8.25.


12.84 1/4 --- the contract high
8.69 1/4 --- 10-day moving average
8.99 1/2 --- 20-day moving average
8.61 3/4 --- 40-day moving average
4.00 1/2 --- the contract low

DECEMBER KCBT WHEAT


  December Kansas City wheat prices Monday closed lower and near the session
low. The recent pause in price action does favor the bearish camp. Bears have
the near-term technical advantage. The bulls' next upside price objective is
pushing and closing prices above solid technical resistance at $9.00 a bushel.
The bears' next downside objective is pushing and closing prices below solid
technical support at $8.50. First resistance is seen at Monday's high of $8.79
1/2 and then at $8.90. First support is seen at last week's low of $8.68 1/2
and then at $8.50.

12.99 

 the contract high
8.97 1/2 --- 10-day moving average
9.30 1/2 --- 20-day moving average
8.95 3/4 --- 40-day moving average
4.88 

 the contract low