By Jim Wyckoff

  DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybean prices Monday closed higher and nearer the session low but
did hit a fresh four-week high. Beans rallied amid a dry spell that has crept
up on much of the Corn Belt. Rain is needed for the soybean crop and not much
is in the forecast. Key "outside markets" - crude oil prices and the U.S.
dollar - were a non-factor in the grains Monday, as both markets chopped around
unchanged. But traders will continue to closely monitor those two markets. The
next upside price objective for the bean bulls is to push and close prices
above psychological resistance at $14.00 a bushel. The next downside price
objective for the bears is pushing and closing prices below psychological
support at $13.00. First resistance for November soybeans is seen at Monday's
high of $13.74 1/2 and then at $14.00. First support is seen at Monday's low of
$13.38 1/2 and then at $13.25.

16.36 3/4 --- the contract high
12.87 3/4 --- 10-day moving average
12.92 1/4 --- 20-day moving average
14.01 
--- 40-day moving average
5.98 

 the contract low

DECEMBER SOYBEAN MEAL


  December soymeal prices Tuesday gapped up on the daily bar chart, closed
higher and hit a fresh four-week high. Prices then did back off to close nearer
the session low. Prices are in a three-week-old uptrend on the daily bar chart.
The next upside price objective for the bulls is to produce a close above solid
technical resistance at Monday's high of $375.00. The next downside price
objective for the bears is pushing and closing prices below solid technical
support at $353.30. First resistance comes in at $368.40 and then at $375.00.
First support is seen at Monday's low of $362.70 and then at $361.00.

$431.90 --- the contract high
$350.10 --- 10-day moving average
$348.30 --- 20-day moving average
$372.50 --- 40-day moving average
$172.20 --- the contract low

DECEMBER SOYBEAN OIL


  December bean oil prices Monday closed firmer and near mid-range in quieter
trading. The next upside price objective for the bean oil bulls is pushing and
closing prices above solid technical resistance at last week's high of 56.70
cents. Bean oil bears' next downside technical price objective is pushing and
closing prices below solid technical support at 53.56 cents. First resistance
is seen at Monday's high of 55.84 cents and then at 56.70 cents. First support
is seen at Monday's low of 54.81 cents and then at 54.45 cents.

74.00 --- the contract high
53.47 --- 10-day moving average
54.44 --- 20-day moving average
59.49 --- 40-day moving average
23.28 --- the contract low