By Jim Wyckoff

  DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybean prices Tuesday closed slightly higher and near mid-range
after hitting a fresh six-week low early on. Near-term chart damage has been
inflicted recently. Prices are in a three-week-old downtrend on the daily bar
chart. Benign growing weather in the Corn Belt is bearish for beans, as were
bearish "outside markets" Tuesday - sharply lower crude oil prices and a
stronger U.S. dollar. The next upside price objective for the bean bulls is to
push and close prices above solid technical resistance at $14.81 a bushel. The
next downside price objective for the bears is pushing and closing prices below
solid technical support at Tuesday's low of $13.82 1/4. First resistance for
November soybeans is seen at Tuesday's high of $14.24 1/2 and then at this
week's high of $14.46 1/2. First support is seen at $14.00 and then at $13.82
1/4.

16.36 3/4 --- the contract high
15.12 1/4 --- 10-day moving average
15.39 3/4 --- 20-day moving average
14.93 1/4 --- 40-day moving average
5.98 

 the contract low

DECEMBER SOYBEAN MEAL


  December soymeal prices Tuesday closed slightly higher and near mid-range and
did hit a fresh six-week low early on. Near-term chart damage has occurred
recently. The next upside price objective for the bulls is to produce a close
above solid technical resistance at $380.00. The next downside price objective
for the bears is pushing and closing prices below solid support at $350.00.
First resistance comes in at Tuesday's high of $371.00 and then at this week's
high of $376.60. First support is seen at Tuesday's low of $362.50 and then at
$360.00.

$431.90 --- the contract high
$399.10 --- 10-day moving average
$404.30 --- 20-day moving average
$383.90 --- 40-day moving average
$172.20 --- the contract low

DECEMBER SOYBEAN OIL


  December bean oil prices Tuesday closed slightly higher and nearer the
session high after hitting a fresh 10-week low early on. The next upside price
objective for the bean oil bulls is pushing and closing prices above solid
technical resistance at 64.00 cents. Bean oil bears' next downside technical
price objective is pushing and closing prices below solid support at Tuesday's
low of 59.93 cents. First resistance is seen at 62.00 cents and then at
Tuesday's high of 62.25 cents. First support is seen at 61.00 cents and then at
Tuesday's low of 59.93 cents.

74.00 --- the contract high
64.37 --- 10-day moving average
65.77 --- 20-day moving average
65.47 --- 40-day moving average
23.28 --- the contract low