By Jim Wyckoff

  Of DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybeans on Thursday closed weaker and near mid-range and were
pressured by mild profit-taking. The key "outside markets" were mixed for
soybean futures Thursday, as the U.S. stock indexes and crude oil were firmer,
while the U.S. dollar was also firmer.

  Bean bulls have the overall near-term technical advantage. The next upside
price objective for the bean bulls is to push and close prices above major
psychological resistance at $11.00 a bushel. The next downside price objective
for the bears is pushing and closing prices below major psychological support
at $10.00 a bushel. First resistance for November soybeans is seen at
Thursday's high of $10.57 and then at $10.75. First support is seen at
Thursday's low of $10.38 3/4 and then at $10.25.

$15.57 1/2 --- the contract high
$10.57 3/4 --- 10-day moving average
$10.56 3/4 --- 20-day moving average
$10.10 1/2 --- 40-day moving average
$6.70 

 the contract low

DECEMBER SOYBEAN MEAL


  December soybean meal on Thursday closed weaker and near the session low on
mild profit-taking. No serious chart damage has occurred this week.

  Meal bulls have the near-term technical advantage. Prices are still in a 3
1/2-month uptrend on the daily bar chart.

  The next upside price objective for the bulls is to produce a close above
solid technical resistance at last week's high of $441.80. The next downside
price objective for the bears is pushing and closing prices below solid
technical support at $300.00. First resistance comes in at Wednesday's high of
$328.00 and then at $330.00. First support is seen at $320.00 and then at
$315.00.

$399.00 --- contract high
$325.00 --- 10-day moving average
$322.80 --- 20-day moving average
$301.90 --- 40-day moving average
$203.30 --- the contract low

DECEMBER SOYBEAN OIL


  December soybean oil on Thursday closed weaker, near mid-range and did hit a
fresh six-week low. The key "outside markets" were mixed for bean oil futures
Thursday, as the U.S. stock indexes and crude oil were firmer, while the U.S.
dollar was also firmer.

  Prices are in a two-week-old downtrend on the daily bar chart. The next
upside price objective for the bean oil bulls is pushing and closing prices
above solid technical resistance at 40.00 cents. Bean oil bears' next downside
technical price objective is pushing and closing prices below solid technical
support at 35.00 cents. First resistance is seen at Thursday's high of 38.17
cents and then at this week's high of 38.88 cents. First support is seen at
Thursday's low of 37.21 cents and then at 37.00 cents.

70.00 --- the contract high
38.88 --- 10-day moving average
39.30 --- 20-day moving average
38.96 --- 40-day moving average
30.00 --- the contract low