By Jim Wyckoff

  DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybean prices Tuesday closed solidly lower and near the session low
on more profit taking, sharply lower crude oil prices and amid benign Corn Belt
growing weather. Price action Tuesday saw what could be the beginning of a
bearish downside "breakout" from a diamond pattern on the daily bar chart.
Bulls still have the near-term technical advantage, but have faded and need to
show power soon. The next upside price objective for the bean bulls is to push
and close prices above psychological resistance at $16.00 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 $15.30 and then at $15.50. First support is seen at Tuesday's low of $15.15
and then at $15.00.

16.36 3/4 --- the contract high
15.77 3/4 --- 10-day moving average
15.55 3/4 --- 20-day moving average
14.77 1/2 --- 40-day moving average
5.98 

 the contract low

DECEMBER SOYBEAN MEAL


  December soymeal prices Tuesday closed sharply lower and near the session
low. No significant chart damage has occurred in meal, but the bulls are fading
quickly. 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 the July low
of $385.60. First resistance comes in at $408.00 and then at $412.50. First
support is seen at Tuesday's low of $399.80 and then at $395.00.

$431.90 --- the contract high
$416.80 --- 10-day moving average
$407.20 --- 20-day moving average
$377.10 --- 40-day moving average
$172.20 --- the contract low

DECEMBER SOYBEAN OIL


  December bean oil prices Tuesday closed lower and near mid-range today and
did hit a fresh three-week low. Bean oil bulls still have the near-term
technical advantage, but are fading and need to show power soon. A
three-month-old uptrend on the daily bar chart has been negated. The next
upside price objective for the bean oil bulls is pushing and closing prices
above solid technical resistance at 66.00 cents. Bean oil bears' next downside
technical price objective is pushing and closing prices below solid support at
62.00 cents. First resistance is seen at 63.00 cents and then at 64.00 cents.
First support is seen at Tuesday's low of 63.50 cents and then at 63.00 cents.

74.00 --- the contract high
66.53 --- 10-day moving average
66.51 --- 20-day moving average
65.49 --- 40-day moving average
23.28 --- the contract low