By Jim Wyckoff

  DOW JONES NEWSWIRES


  DECEMBER CORN


  December corn prices Tuesday closed higher and nearer the session high and
hit a fresh three-week high. The corn market was supported by a weaker U.S.
dollar and on short covering and speculative buying. A seven-week-old downtrend
line on the daily bar chart was negated Tuesday and bulls have gained fresh
upside near-term technical momentum. The bulls' next upside price objective is
to push and close prices above psychological resistance at $6.00. The next
downside price objective for the bears is to push and close prices below solid
technical support at $5.47 1/4. First resistance for December corn is seen at
Tuesday's high of $5.93 1/4 and then at $6.00. First support is seen at $5.75
and then at Tuesday's low of $5.61.

7.99 1/4 --- the contract high
5.47 3/4 --- 10-day moving average
5.69 1/4 --- 20-day moving average
6.41 
--- 40-day moving average
2.59 

 the contract low


  DECEMBER CBOT WHEAT


  December Chicago wheat prices Tuesday closed lower and nearer the session
low.Trading has turned very choppy. The bulls have the slight near-term
technical advantage in wheat. However, my bias is that the upside is limited if
levels approach major psychological resistance at $9.00 a bushel. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at $8.50. Bulls' next upside price objective is to push
and close December futures prices above solid resistance at last week's high of
$9.12 3/4 a bushel. First resistance is seen at $8.80 and then at $8.90. First
support lies at Tuesday's low of $8.66 and then at $8.50.

12.84 1/4 --- the contract high
8.43 1/4 --- 10-day moving average
8.27 1/2 --- 20-day moving average
8.49 3/4 --- 40-day moving average
4.00 1/2 --- the contract low


  DECEMBER KCBT WHEAT


  December Kansas City wheat prices Tuesday closed lower and near the session
low. Bulls still have the slight near-term technical advantage. The bulls' next
upside price objective is pushing and closing prices above solid technical
resistance at last week's high of $9.42 a bushel. The bears' next downside
objective is pushing and closing prices below solid technical support at $8.80.
First resistance is seen at Tuesday's high of $9.26 and then at this week's
high of $9.30 1/2. First support is seen at Tuesday's low of $9.00 and then at
this week's low of $8.95.

12.99 

 the contract high
8.74 1/2 --- 10-day moving average
8.58 1/4 --- 20-day moving average
8.79 1/2 --- 40-day moving average
4.88 

 the contract low