DOW JONES NEWSWIRES

  NOVEMBER SOYBEANS

  November soybeans on Friday closed solidly higher, nearer the  session high
and closed at a bullish weekly high close.

  Short  covering in a market that is still overall near-term technically
bearish was featured. Prices are still in a five-week-old downtrend on the
daily bar chart.

  The next upside price objective for the bean bulls is to push and close
November prices above  solid technical resistance at last week's high of $9.38
a bushel.

  The next downside price objective for the bears is pushing and  closing
prices below solid technical support at the July low of  $8.81 1/4 a bushel.

   First resistance for November soybeans is  seen at Friday's high of $9.26
3/4 and then at $9.38. First  support is seen at $9.13 and then at $9.00.

  $15.57 1/2 --- the contract high

  $9.13 

 10-day moving average

  $9.55 1/2 --- 20-day moving average

  $10.06 1/4 --- 40-day moving average

  $6.70 

 the contract low

  DECEMBER SOYBEAN MEAL

  December soybean meal on Friday closed higher and near the  session high.
Short covering was featured. Bears still have the  near-term technical
advantage as a five-week-old downtrend is  still in place 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 $294.00.

  The next downside price objective for the bears is pushing and closing
prices below solid technical support at $260.00.

  First resistance  comes in at Friday's high of $280.90 and then at $285.00.
First  support is seen at $275.00 and then at $270.00.

  $399.00 --- contract high

  $283.10 --- 10-day moving average

  $295.60 --- 20-day moving average

  $309.20 --- 40-day moving average

  $203.30 --- the contract low

  DECEMBER SOYBEAN OIL

  December soybean oil on Friday closed higher, near the session  high and
closed at a bullish weekly high close. Bulls did gain  some fresh upside
near-term technical momentum on Friday, but now  need to show that important
follow-through strength soon.

  The  next upside price objective for the bean oil bulls is pushing and
closing prices above solid technical resistance at 37.00 cents.

  Bean oil bears' next downside technical price objective is  pushing and
closing prices below solid technical support at the  July low of 32.80 cents.

  First resistance is seen at Friday's high of 35.52 cents and then at 36.00
cents. First support is seen at 35.00 cents and then at Friday's low of 34.45
cents.

  70.00 --- the contract high

  34.19 --- 10-day moving average

  35.53 --- 20-day moving average

  37.41 --- 40-day moving average

  30.00 --- the contract low

  -By Jim Wyckoff, contributing to Dow Jones Newswires