By Jim Wyckoff

  Of DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybean prices Thursday closed weaker and near mid-range.
Less-bullish weather forecasts for the corn belt and lower crude oil prices
Thursday limited the upside in soybeans.

  Prices are still in a four-week-old downtrend on the daily bar chart.

  However, prices have been trading sideways for almost two weeks.

  A bullish weekly high close on Friday would provide the bulls with fresh
upside technical momentum.

  The next upside price objective for the bean bulls is to push and close
prices above solid technical resistance at $14.50 a bushel. The next downside
price objective for the bears is pushing and closing prices below solid
technical support at this week's low of $13.51.

  First resistance for November soybeans is seen at Thursday's high of $14.17
and then at this week's high of $14.21. First support is seen at Thursday's low
of $13.87 and then at $13.70.

16.36 3/4 --- the contract high
14.00
--- 10-day moving average
14.79 1/4 --- 20-day moving average
14.99 3/4 --- 40-day moving average
5.98

the contract low

DECEMBER SOYBEAN MEAL


  December soymeal prices Thursday closed weaker and near mid-range in quieter
trading. Bulls this week have gained upside near-term technical momentum.

  The next upside price objective for the bulls is to produce a close above
solid technical resistance at $385.60. The next downside price objective for
the bears is pushing and closing prices below solid support at $360.00.

  First resistance comes in at Thursday's high of $380.20 and then at $385.60.
First support is seen at Thursday's low of $372.10 and then at $370.00.

$431.90 --- the contract high
$367.50 --- 10-day moving average
$389.80 --- 20-day moving average
$389.60 --- 40-day moving average
$172.20 --- the contract low

DECEMBER SOYBEAN OIL


  December bean oil prices Thursday closed firmer and near the session high.
Near-term chart damage has been inflicted recently. Prices are still in a steep
four-week-old downtrend on the daily bar chart.

  The next upside price objective for the bean oil bulls is pushing and closing
prices above solid technical resistance at this week's high of 61.35 cents.
Bean oil bears' next downside technical price objective is pushing and closing
prices below solid support at this week's low of 58.31 cents.

  First resistance is seen at 60.00 cents and then at 60.77 cents. First
support is seen at Thursday's low of 58.62 cents and then at 58.31 cents.

74.00 --- the contract high
60.54 --- 10-day moving average
63.16 --- 20-day moving average
64.92 --- 40-day moving average
23.28 --- the contract low