By Jim Wyckoff

  DOW JONES NEWSWIRES

DECEMBER CORN


  December corn prices Monday closed solidly lower, near the session low and
hit a fresh six-week low. Bearish weather in the Corn Belt (timely rains and no
oppressive heat) are hammering this market. Not even bullish "outside markets"
- higher crude oil and a weaker U.S. dollar are helping corn now. More chart
damage was inflicted Monday and prices are in a steep four-week-old downtrend
on the daily bar chart. However, the market has become short-term oversold,
technically, and is due for at least a corrective upside bounce very soon. The
bulls' next upside price objective is to push and close prices above solid
technical resistance at $6.50. The next downside price objective for the bears
is to push and close prices below solid technical support at $6.00. First
resistance for December corn is seen at $6.15 and then at $6.20. First support
is seen at Monday's low of $6.02 3/4 and then at $6.00.

7.99 1/4 --- the contract high
6.76 1/4 --- 10-day moving average
7.21 1/4 --- 20-day moving average
7.06 3/4 --- 40-day moving average
2.59 

 the contract low

DECEMBER CBOT WHEAT


  December Chicago wheat prices closed lower and near the session low and hit a
fresh six-week low. Bears have the near-term technical advantage. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at $8.00. 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 Monday's high of $8.26 1/2 and then
at $8.40. First support lies at Monday's low of $8.11 and then at $8.00.

12.84 1/4 --- the contract high
8.41 3/4 --- 10-day moving average
8.76 1/4 --- 20-day moving average
8.63 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 and hit a fresh six-week low. Bears have the near-term technical advantage.
The bulls' next upside price objective is pushing and closing prices above
solid technical resistance at last week's high of $8.88 a bushel. The bears'
next downside objective is pushing and closing prices below solid technical
support at the May low of $8.14. First resistance is seen at Monday's high of
$8.56 and then at $8.70. First support is seen at Monday's low of $8.45 and
then at $8.29.

12.99 

 the contract high
8.70 3/4 --- 10-day moving average
9.05 1/2 --- 20-day moving average
8.96 3/4 --- 40-day moving average
4.88 

 the contract low