By Jim Wyckoff

  DOW JONES NEWSWIRES


  DECEMBER CORN


  December corn prices Thursday closed solidly higher and nearer the session
high and hit a fresh five-week high. The corn market rallied amid bullish
"outside markets"--a sharply lower U.S. dollar and sharply higher crude oil
prices. Bulls have recently gained solid upside near-term technical momentum,
including more Thursday. The bulls' next upside price objective is to push and
close prices above solid technical resistance at $6.50. The next downside price
objective for the bears is to push and close prices below psychological support
at $6.00. First resistance for December corn is seen at Thursday's high of
$6.25 and then at $6.30. First support is seen at $6.10 and then at $6.00.

7.99 1/4 --- the contract high
5.61 3/4 --- 10-day moving average
5.70 3/4 --- 20-day moving average
6.33 1/2 --- 40-day moving average
2.59 

 the contract low


  DECEMBER CBOT WHEAT


  December Chicago wheat prices Thursday closed solidly higher and near
mid-range and did hit a fresh seven-week high, amid bullish "outside
markets"--sharply higher crude oil and a sharply lower U.S. dollar. The bulls
now have solid upside technical momentum. The next downside price objective for
the bears is pushing and closing prices below solid technical support at $9.00.
Bulls' next upside price objective is to push and close December futures prices
above solid resistance at Thursday's high of $9.57 a bushel. First resistance
is seen at $9.30 and then at $9.40. First support lies at $9.12 3/4 and then at
$9.00.

12.84 1/4 --- the contract high
8.61 1/2 --- 10-day moving average
8.37 3/4 --- 20-day moving average
8.48 3/4 --- 40-day moving average
4.00 1/2 --- the contract low


  DECEMBER KCBT WHEAT


  December Kansas City wheat prices Thursday gapped higher on the daily bar
chart, closed solidly higher and hit a fresh six-week high today, but then
backed off to close nearer the session low. Bulls have the near-term technical
advantage and gained more momentum Thursday. The bulls' next upside price
objective is pushing and closing prices above solid technical resistance at
today's high of $9.82 a bushel. The bears' next downside objective is pushing
and closing prices below solid technical support at $9.00. First resistance is
seen at $9.66 and then at $9.75. First support is seen at Thursday's low of
$9.40 and then at $9.29, which is the bottom of Thursday's upside price gap.

12.99 

 the contract high
8.93 1/2 --- 10-day moving average
8.68 1/2 --- 20-day moving average
8.78 1/2 --- 40-day moving average
4.88 

 the contract low