By Jim Wyckoff

  DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybean prices Tuesday produced a rare gap-lower open on the
electronic trading daily bar chart and did rebound to close lower and near the
session high. Bearishly postured "outside markets" - sharply lower crude oil
prices and a stronger U.S. dollar - helped sink beans Tuesday. Favorable
growing weather in the Corn Belt is also deemed a bit bearish. The next upside
price objective for the bean bulls is to push and close prices above solid
technical resistance at $13.16 3/4 a bushel, which is the top of Tuesday's
downside price gap. The next downside price objective for the bears is pushing
and closing prices below solid technical support at Tuesday's low of $12.55.
First resistance for November soybeans is seen at Tuesday's high of $13.05 and
then at $13.16 3/4. First support is seen at $12.75 and then at $12.55.

16.36 3/4 --- the contract high
13.23 3/4 --- 10-day moving average
12.81 1/4 --- 20-day moving average
13.66 3/4 --- 40-day moving average
5.98 

 the contract low

DECEMBER SOYBEAN MEAL


  December soymeal prices Tuesday gapped lower on the daily bar chart and
closed lower and near the session high. A three-week-old uptrend on the daily
bar chart was penetrated on the downside and negated Tuesday. The next upside
price objective for the bulls is to produce a close above solid technical
resistance at $363.00. The next downside price objective for the bears is
pushing and closing prices below solid technical support at Tuesday's low of
$338.60. First resistance comes in at $356.00 and then at $360.00. First
support is seen at $350.00 and then at $347.50.

$431.90 --- the contract high
$359.00 --- 10-day moving average
$346.90 --- 20-day moving average
$365.20 --- 40-day moving average
$172.20 --- the contract low

DECEMBER SOYBEAN OIL


  December bean oil prices Tuesday gapped lower on the daily bar chart and did
rebound to close lower and near the session high. Bears have the near-term
technical advantage amid the big sell-off in crude oil prices recently. The
next upside price objective for the bean oil bulls is pushing and closing
prices above solid technical resistance at 54.00 cents. Bean oil bears' next
downside technical price objective is pushing and closing prices below solid
technical support at Tuesday's low of 51.71 cents. First resistance is seen at
Tuesday's high of 53.25 cents and then at 53.64 cents. First support is seen at
52.00 cents and then at 51.71 cents.

74.00 --- the contract high
54.42 --- 10-day moving average
53.41 --- 20-day moving average
57.73 --- 40-day moving average
23.28 --- the contract low