By Jim Wyckoff

  DOW JONES NEWSWIRES

DECEMBER CORN


  December corn prices Friday closed sharply lower, near the session low, hit a
fresh 4 1/2-month low and closed at a bearish weekly low close. Serious chart
damage has occurred recently to suggest a major market top is in place. Bears
still have solid downside near-term technical momentum on their side. The
bulls' next upside price objective is to push and close prices above solid
technical resistance at $5.50. The next downside price objective for the bears
is to push and close prices below major psychological support at $5.00. First
resistance for December corn is seen at $5.25 and then at $5.30. First support
is seen at the March low of $5.13 1/4 and then at $5.00.

7.99 1/4 --- the contract high
5.71 3/4 --- 10-day moving average
6.00 1/4 --- 20-day moving average
6.77 3/4 --- 40-day moving average
2.59 

 the contract low

DECEMBER CBOT WHEAT


  December Chicago wheat prices Friday closed sharply lower and near the
session low. The bears still have the overall near-term technical advantage in
wheat. A six-week-old downtrend is 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 last week's low of $7.71. The bulls' next upside
price objective is to push and close December futures prices above
psychological resistance at $8.00 a bushel. First resistance is seen at $8.00
and then at $8.13. First support lies at Friday's low of $7.87 1/4 and then at
$7.75.

12.84 1/4 --- the contract high
8.09 1/2 --- 10-day moving average
8.18 3/4 --- 20-day moving average
8.61 1/4 --- 40-day moving average
4.00 1/2 --- the contract low

DECEMBER KCBT WHEAT


  December Kansas City wheat prices Friday closed lower and near the session
high low. Bears still have the near-term technical advantage. The bulls' next
upside price objective is pushing and closing prices above solid technical
resistance at $8.40 a bushel. The bears' next downside objective is pushing and
closing prices below solid technical support at last week's low of $8.09 1/2.
First resistance is seen at $8.31 1/2 and then at $8.40. First support is seen
at Friday's low of $8.20 and then at $8.09 1/2.

12.99 

 the contract high
8.39 3/4 --- 10-day moving average
8.48 1/2 --- 20-day moving average
8.91 1/2 --- 40-day moving average
4.88 

 the contract low