By Jim Wyckoff

  DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybean prices Wednesday closed sharply lower and nearer the session
low and hit a fresh three-month low. Bearish "outside markets" - lower crude
oil prices and a stronger U.S. dollar - and non-threatening weather forecasts
for the Corn Belt, pressured beans again Wednesday. Serious near-term chart
damage has occurred this week, including more Wednesday. 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 in place. The next upside price objective for
the bean bulls is to push and close prices above psychological resistance at
$13.00 a bushel. The next downside price objective for the bears is pushing and
closing prices below solid technical support at the May low of $11.64 3/4.
First resistance for November soybeans is seen at $12.50 and then at
Wednesday's high of $12.75 1/2. First support is seen at Wednesday's low of
$11.99 and then at $11.64 3/4.

16.36 3/4 --- the contract high
13.50 3/4 --- 10-day moving average
14.22 3/4 --- 20-day moving average
14.84 3/4 --- 40-day moving average
5.98 

 the contract low

DECEMBER SOYBEAN MEAL


  December soymeal prices Wednesday closed solidly lower and nearer the session
low and hit a fresh three-month low. Serious near-term technical damage has
been inflicted in meal, including more Wednesday. Prices are in a four-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 $353.30. The next
downside price objective for the bears is pushing and closing prices below
major psychological support at $300.00. First resistance comes in at $330.00
and then at $335.00. First support is seen at Wednesday's low of $319.50 and
then at $316.00.

$431.90 --- the contract high
$358.40 --- 10-day moving average
$376.10 --- 20-day moving average
$388.30 --- 40-day moving average
$172.20 --- the contract low

DECEMBER SOYBEAN OIL


  December bean oil prices Wednesday closed sharply lower, nearer the session
low and hit a fresh four-month low amid still-bearish "outside markets."
Serious near-term chart damage has been inflicted recently, including more
Wednesday. Prices are still in a steep four-week-old downtrend on the daily bar
chart. However, bean oil is now short-term oversold on a technical basis and
due for a corrective bounce soon. The next upside price objective for the bean
oil bulls is pushing and closing prices above solid technical resistance at the
May low of 56.84 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 53.00 cents and then at 54.00 cents. First
support is seen at Wednesday's low of 51.65 cents
and then at 51.00 cents.

74.00 --- the contract high
57.92 --- 10-day moving average
60.87 --- 20-day moving average
63.90 --- 40-day moving average
23.28 --- the contract low