By Jim Wyckoff

  DOW JONES NEWSWIRES


  DECEMBER CORN


  December corn prices Wednesday closed slightly lower, near mid-range and hit
a fresh four-month low. Bearish "outside markets" (sharply lower crude oil
prices and a stronger U.S. dollar) and benign weather patterns in the Corn Belt
are bearish for corn. Serious near-term chart damage has been inflicted
recently. Prices are in a steep four-week-old downtrend on the daily bar chart.
The market is still 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 $6.00. The next
downside price objective for the bears is to push and close prices below solid
technical support at today's low of $5.62 3/4. First resistance for December
corn is seen at $5.90 and then at $6.00. First support is seen at $5.80 and
then at $5.75.

7.99 1/4 --- the contract high
6.50 3/4 --- 10-day moving average
7.04 3/4 --- 20-day moving average
7.04 3/4 --- 40-day moving average
2.59 

 the contract low


  DECEMBER CBOT WHEAT


  December Chicago wheat prices Wednesday closed lower, nearer the session low
and hit a fresh six-week low. Bears still have the near-term technical
advantage. The next downside price objective for the bears is pushing and
closing prices below solid technical support at $7.68. Bulls' next upside price
objective is to push and close December futures prices above solid technical
resistance at $8.50 a bushel. First resistance is seen at this week's high of
$8.26 1/2 and then at $8.40. First support lies at Wednesday's low of $7.98 and
then at $7.82 3/4.

12.84 1/4 --- the contract high
8.33 1/2 --- 10-day moving average
8.66 3/4 --- 20-day moving average
8.65 3/4 --- 40-day moving average
4.00 1/2 --- the contract low


  DECEMBER KCBT WHEAT


  December Kansas City wheat prices Wednesday closed lower and near the session
low and hit another fresh six-week low. Bears have the near-term technical
advantage and gained more momentum Wednesday. 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 Wednesday's high of $8.52 and then at $8.60.
First support is seen at Wednesday's low of $8.31 1/2 and then at $8.29.

12.99 

 the contract high
8.63 1/4 --- 10-day moving average
8.95 1/2 --- 20-day moving average
8.97 1/4 --- 40-day moving average
4.88 

 the contract low