By Jim Wyckoff

  DOW JONES NEWSWIRES


  DECEMBER CORN


  December corn prices Thursday closed firmer and near mid-range on short
covering. Gains were limited amid bearish "outside markets"--a firmer U.S.
dollar and weaker crude oil prices. Favorable growing weather to finish out the
corn crop in the Corn Belt was also bearish. The bears still have some downside
technical momentum on their side. The bulls' next upside price objective is to
push and close prices above solid technical resistance at $5.80 3/4, which
would fill on the upside a downside price gap on the daily bar chart. The next
downside price objective for the bears is to push and close prices below solid
technical support at this week's low of $5.50. First resistance for December
corn is seen at Thursday's high of $5.72 3/4 and then at this week's high of
$5.77 1/4. First support is seen at Thursday's low of $5.55 1/4 and then at
$5.50.

7.99 1/4 --- the contract high
5.88 1/4 --- 10-day moving average
5.71 1/4 --- 20-day moving average
5.94 1/2 --- 40-day moving average
2.59 

 the contract low


  DECEMBER CBOT WHEAT


  December Chicago wheat prices Thursday closed firmer and nearer the session
low on tepid short covering in a bear market. The bears still have the solid
technical advantage. Bearish "outside markets" Thursday--lower crude oil prices
and a firmer U.S. dollar--did limit buying interest in wheat. The next downside
price objective for the bears is pushing and closing prices below solid
technical support at this week's low of $7.56 1/4. Bulls' next upside price
objective is to push and close December futures prices above solid technical
resistance at $7.98 1/2 a bushel, which would fill on the upside a downside
price gap on the daily chart. First resistance is seen at Thursday's high of
$7.85 1/2 and then at $7.98 1/2. First support lies at Thursday's low of $7.71
3/4 and then at $7.56 1/4.

12.84 1/4 --- the contract high
8.28 3/4 --- 10-day moving average
8.41 1/2 --- 20-day moving average
8.31 3/4 --- 40-day moving average
4.00 1/2 --- the contract low


  DECEMBER KCBT WHEAT


  December Kansas City wheat prices Thursday closed steady and near mid-range.
Bears still have the near-term technical advantage. The bulls' next upside
price objective is pushing prices above solid technical resistance at $8.36 a
bushel, which would fill on the upside a downside price gap on the daily bar
chart. The bears' next downside objective is pushing and closing prices below
major psychological support at $8.00. First resistance is seen at Thursday's
high of $8.25 and then at $8.36. First support is seen at Thursday's low of
$8.14 and then at $8.04.

12.99 

 the contract high
8.66 1/4 --- 10-day moving average
8.75 3/4 --- 20-day moving average
8.63 3/4 --- 40-day moving average
4.88 

 the contract low