By Jim Wyckoff

  DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybean prices Friday closed sharply lower, near the session low,
hit a fresh 13-week low and closed at a bearish weekly low close. Serious
near-term chart damage has occurred recently. Prices are in a steep
five-week-old downtrend on the daily bar chart. Bears have the solid near-term
technical advantage. The next upside price objective for the bean bulls is to
push and close prices above psychological resistance at $12.00 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 $12.00 and then at $12.25. First support is seen
at Friday's low of $11.73 1/2 and then at $11.68.

16.36 3/4 --- the contract high
13.16 3/4 --- 10-day moving average
13.84 1/2 --- 20-day moving average
14.69 3/4 --- 40-day moving average
5.98 

 the contract low

DECEMBER SOYBEAN MEAL


  December soymeal prices Friday closed sharply lower, near the session low,
hit a fresh three-month low and closed at a bearish weekly low close. Serious
near-term chart damage has occurred recently. Prices are in a steep
four-week-old downtrend on the daily bar chart. Bears have the solid near-term
technical advantage. The next upside price objective for the bulls is to
produce a close above solid technical resistance at $340.00. The next downside
price objective for the bears is pushing and closing prices below solid
technical support at $300.00. First resistance comes in at $320.00 and then at
$325.00. First support is seen at Friday's low of $313.20 and then at $311.20.

$431.90 --- the contract high
$351.00 --- 10-day moving average
$365.80 --- 20-day moving average
$385.40 --- 40-day moving average
$172.20 --- the contract low

DECEMBER SOYBEAN OIL


  December bean oil prices Friday closed sharply lower, near the session low,
hit a fresh 17-week low and closed at a bearish weekly low close. Serious
near-term chart damage has occurred recently. Prices are in a steep
five-week-old downtrend on the daily bar chart. Bears have the solid near-term
technical advantage. The next upside price objective for the bean oil bulls is
pushing and closing prices above solid technical resistance at 54.00 cents. The
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 52.00 cents and then at 52.50 cents. First support is seen at Friday's
low of 50.94 cents and then at 50.16 cents.

74.00 --- the contract high
56.32 --- 10-day moving average
59.50 --- 20-day moving average
63.15 --- 40-day moving average
23.28 --- the contract low