By Jim Wyckoff

  DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybean prices Tuesday closed lower and nearer the session low and
hit a fresh 2 1/2-month low. Bearish "outside markets" again Tuesday - sharply
lower crude oil prices and a stronger U.S. dollar - and non-threatening weather
forecasts for the Corn Belt pressured beans. Serious near-term chart damage has
occurred this week. Prices are in a steep four-week-old downtrend on the daily
bar chart. Technical odds are high that at least a near-term market top is now
in place. The next upside price objective for the bean bulls is to push and
close prices above solid technical resistance at this week's high of $13.61 a
bushel. The next downside price objective for the bears is pushing and closing
prices below solid technical support at Tuesday's low of $12.51. First
resistance for November soybeans is seen at $12.85 and then at $13.00. First
support is seen at Tuesday's low of $12.51 and then at $12.25.

16.36 3/4 --- the contract high
13.66 3/4 --- 10-day moving average
14.39 1/2 --- 20-day moving average
14.90 1/4 --- 40-day moving average
5.98 

 the contract low

DECEMBER SOYBEAN MEAL


  December soymeal prices Tuesday closed lower and nearer the session low and
hit a fresh two-month low. Serious near-term technical damage has been
inflicted in meal. Prices are in a three-week-old downtrend on the daily bar
chart. The next upside price objective for the bulls is to produce a close
above solid technical resistance at this week's high of $364.40. The next
downside price objective for the bears is pushing and closing prices below
solid support at $320.00. First resistance comes in at $345.00 and then at
Tuesday's high of $351.20. First support is seen at Tuesday's low of $335.20
and then at $330.00.

$431.90 --- the contract high
$361.90 --- 10-day moving average
$380.50 --- 20-day moving average
$389.30 --- 40-day moving average
$172.20 --- the contract low

DECEMBER SOYBEAN OIL


  December bean oil prices Tuesday closed lower and near mid-range and hit a
fresh four-month low amid still-bearish "outside markets." Serious near-term
chart damage has been inflicted recently, including more Tuesday. 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 58.00 cents. Bean oil
bears' next downside technical price objective is pushing and closing prices
below solid support at the April low of 50.16 cents. First resistance is seen
at 55.00 cents and then at Tuesday's high of 55.61 cents. First support is seen
at Tuesday's low of 53.31 cents and then at 53.00 cents.

74.00 --- the contract high
58.64 --- 10-day moving average
61.51 --- 20-day moving average
64.19 --- 40-day moving average
23.28 --- the contract low