By Jim Wyckoff

  DOW JONES NEWSWIRES

DECEMBER CORN


  December corn prices Tuesday closed lower and nearer the session low and hit
a fresh five-week low. More near-term technical damage was inflicted Tuesday,
as big losses in crude oil futures and worries about lessening demand for corn
hit the market. Also, benign weather forecasts for the Corn Belt are
fundamentally bearish for corn at present, during what will in the next two
weeks be the most important growing period for corn - pollination. Bears have
near-term technical momentum amid ideas that a major market top is 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 $6.75 and then at $6.80. First support is seen at Tuesday's low of
$6.61 1/2 and then at $6.55 1/2.

7.99 1/4 --- the contract high
7.25 1/2 --- 10-day moving average
7.46 1/2 --- 20-day moving average
7.04 3/4 --- 40-day moving average
2.59 

 the contract low

DECEMBER CBOT WHEAT


  December Chicago wheat prices Tuesday closed lower and nearer the session low
and hit a fresh five-week low. Bears are gaining downside technical momentum.
The next downside price objective for the bears is pushing and closing prices
below solid technical support at $8.00 a bushel. The bulls' next upside price
objective is to push and close December futures prices above solid technical
resistance at $8.70 a bushel. First resistance is seen at Tuesday's high of
$8.53 and then at $8.70. First support lies at Tuesday's low of $8.30 and then
at $8.25.

12.84 1/4 --- the contract high
8.64 1/2 --- 10-day moving average
8.95 1/4 --- 20-day moving average
8.62 1/2 --- 40-day moving average
4.00 1/2 --- the contract low

DECEMBER KCBT WHEAT


  December Kansas City wheat prices Tuesday closed lower, nearer the session
low, hit a fresh five-week low and scored a bearish "outside day" down on the
daily bar chart. 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
Tuesday's high of $8.82 and then at $8.90. First support is seen at Tuesday's
low of $8.62 and then at $8.50.

12.99 

 the contract high
8.92 1/4 --- 10-day moving average
9.26 

 20-day moving average
8.96 1/4 --- 40-day moving average
4.88 

 the contract low