By Jim Wyckoff

  DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybean prices Wednesday closed sharply lower and near the session
low, hit a fresh two-week low and scored a bearish "outside day" down on the
daily bar chart. Bearishly postured "outside markets" - lower crude oil prices
and a stronger U.S. dollar - helped sink beans again Wednesday. Favorable
growing weather in the Corn Belt is also deemed 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 major psychological support at $12.00. First resistance for
November soybeans is seen at $12.75 and then at $13.00. First support is seen
at Wednesday's low of $12.29 and then at $12.00.

16.36 3/4 --- the contract high
13.21 1/4 --- 10-day moving average
12.80 1/4 --- 20-day moving average
13.59 3/4 --- 40-day moving average
5.98 

 the contract low

DECEMBER SOYBEAN MEAL


  December soymeal prices Wednesday closed lower, near the session low, hit a
fresh two-week low and scored a bearish "outside day" down on the daily bar
chart. Bears have fresh downside near-term technical momentum on their side.
The next upside price objective for the bulls is to produce a close above solid
technical resistance at $360.00. The next downside price objective for the
bears is pushing and closing prices below solid technical support at $330.00.
First resistance comes in at $345.00 and then at $350.00. First support is seen
at Wednesday's low of $335.60 and then at $330.00.

$431.90 --- the contract high
$358.50 --- 10-day moving average
$347.00 --- 20-day moving average
$363.70 --- 40-day moving average
$172.20 --- the contract low

DECEMBER SOYBEAN OIL


  December bean oil prices Wednesday closed sharply lower, near the session low
and hit a fresh two-week low amid the sell off in crude oil prices recently.
Bears have the solid downside near-term technical advantage. 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 the August low of 50.41 cents. First resistance is seen at 52.00
cents and then at 52.50 cents. First support is seen at Wednesday's low of
50.55 cents and then at 50.41 cents.

74.00 --- the contract high
54.23 --- 10-day moving average
53.27 --- 20-day moving average
57.39 --- 40-day moving average
23.28 --- the contract low