By Jim Wyckoff

  DOW JONES NEWSWIRES

DECEMBER CORN


  December corn prices Thursday closed lower and nearer the session low amid
beneficial rains that fell over the Corn Belt the past 24 hours and amid
bearish "outside markets" - a firmer U.S. dollar and higher crude oil prices.
Bulls are fading and a bearish weekly low close on Friday would provide the
bears with better downside technical momentum. The bulls' next upside price
objective is to push and close prices above solid technical resistance at
$6.00. The next downside price objective for the bears is to push and close
prices below solid technical support at the July low of $5.62 3/4. First
resistance for December corn is seen at $5.95 and then at Thursday's high of
$5.97 1/2. First support is seen at Thursday's low of $5.81 1/4 and then at
$5.75.

7.99 1/4 --- the contract high
5.90 1/2 --- 10-day moving average
5.67 3/4 --- 20-day moving average
6.11 1/2 --- 40-day moving average
2.59 

 the contract low

DECEMBER CBOT WHEAT


  December Chicago wheat prices Thursday closed lower and nearer the session
low and hit another fresh two-week low. Bears have gained solid downside
technical momentum recently. Traders will continue to monitor the key "outside
markets" - crude oil and the U.S. dollar - for direction. Those markets were
bearishly postured for wheat Thursday. The next downside price objective for
the bears is pushing and closing prices below major psychological support at
$8.00. The bulls' next upside price objective is to push and close December
futures prices above solid technical resistance at $8.50 a bushel. First
resistance is seen at $8.20 and then at Thursday's high of $8.30 1/2. First
support lies at Thursday's low of $8.01 1/2 and then at $8.00.

12.84 1/4 --- the contract high
8.67 1/4 --- 10-day moving average
8.45 1/2 --- 20-day moving average
8.40 3/4 --- 40-day moving average
4.00 1/2 --- the contract low

DECEMBER KCBT WHEAT


  December Kansas City wheat prices Thursday closed lower and near mid-range
and hit another fresh two-week low. Bears have momentum on their side. The
bulls' next upside price objective is pushing and closing prices above solid
technical resistance at $9.00 a bushel, which would also fill on the upside a
downside price gap. The bears' next downside objective is pushing and closing
prices below solid technical support at the July low of $8.31 1/2. First
resistance is seen at Thursday's high of $8.57 and then at $8.68. First support
is seen at Thursday's low of $8.40 and then at $8.31 1/2.

12.99 

 the contract high
9.00 1/4 --- 10-day moving average
8.77 1/2 --- 20-day moving average
8.71 

 40-day moving average
4.88 

 the contract low