By Jim Wyckoff

  DOW JONES NEWSWIRES

DECEMBER CORN


  December corn prices Friday closed solidly lower and nearer the session low.
Prices also closed at a bearish weekly low close and closed at the lowest
closing level in four months. Bears have quickly regained downside technical
momentum. A five-week-old downtrend is in place on the daily bar chart. 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 the July 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 Friday's low of $5.81 1/2 and then at $5.75.

7.99 1/4 --- the contract high
6.00 3/4 --- 10-day moving average
6.45 1/2 --- 20-day moving average
6.99 1/4 --- 40-day moving average
2.59 

 the contract low

DECEMBER CBOT WHEAT


  December Chicago wheat prices Friday closed higher and near mid-range. Bears
still have the near-term technical advantage. A five-week-old downtrend is
still in place on the daily bar chart. The next downside price objective for
the bears is pushing and closing prices below solid technical support at the
July low of $7.98. The bulls' next upside price objective is to push and close
December futures prices above solid technical resistance at last week's high of
$8.55 a bushel. First resistance is seen at $8.25 and then at Friday's high of
$8.35. First support lies at Friday's low of $8.06 3/4 and then at $7.98.

12.84 1/4 --- the contract high
8.16 1/2 --- 10-day moving average
8.31 1/2 --- 20-day moving average
8.69 
--- 40-day moving average
4.00 1/2 --- the contract low

DECEMBER KCBT WHEAT


  December Kansas City wheat prices Friday closed higher and near mid-range.
Bears still have the near-term technical advantage. Prices are still in a
five-week-old downtrend on the daily bar chart. The bulls' next upside price
objective is pushing and closing prices above solid technical resistance at
last week's high of $8.72 a bushel. The bears' next downside objective is
pushing and closing prices below solid technical support at the July low of
$8.31 1/2. First resistance is seen at $8.50 and then at Friday's high of
$8.61. First support is seen at Friday's low of $8.42 and then at $8.31 1/2.

12.99 

 the contract high
8.46 

 10-day moving average
8.60 1/2 --- 20-day moving average
8.99 1/4 --- 40-day moving average
4.88 

 the contract low