By Jim Wyckoff

  DOW JONES NEWSWIRES


  NOVEMBER SOYBEANS


  November soybean prices Monday closed higher and near the session high and
closed at a fresh contract high close. Prices also closed at a bullish monthly
and quarterly high close Monday. Bulls have solid near-term technical momentum
on their side. The next upside price objective for the bean bulls is to push
and close prices above major psychological resistance at $16.00 a bushel. The
next downside price objective for the bears is pushing and closing prices below
psychological support at $15.00. First resistance for November soybeans is seen
at the contract high of $15.79 and then at $16.00. First support is seen at
$15.50 and then at Monday's low of $15.30.

15.79 

 the contract high
15.34 

 10-day moving average
14.95 1/2 --- 20-day moving average
14.04 1/4 --- 40-day moving average
5.98 

 the contract low


  DECEMBER SOYBEAN MEAL


  December soymeal prices Monday closed higher, near the session high, scored a
bullish "outside day" up on the daily bar chart and hit another fresh contract
high. Prices also closed at a bullish monthly and quarterly high close. Bulls
have solid upside technical momentum, amid still no early clues of a market top
being close at hand. The next upside price objective for the bulls is to
produce a close above solid technical resistance at $420.00. The next downside
price objective for the bears is pushing and closing prices below solid support
at $390.00. First resistance comes in at Monday's contract high of $412.50 and
then at $415.00. First support is seen at $407.00 and then at Monday's low of
$399.00.

$412.50 --- the contract high
$397.60 --- 10-day moving average
$381.20 --- 20-day moving average
$351.50 --- 40-day moving average
$172.20 --- the contract low


  DECEMBER SOYBEAN OIL


  December bean oil prices Monday closed higher and near the session high. Bean
oil bulls have the near-term technical advantage. A three-month-old uptrend is
in place 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 the
June high of 69.30 cents. Bean oil bears' next downside technical price
objective is pushing and closing prices below solid support at 65.00 cents.
First resistance is seen at last week's high of 68.20 cents and then at 69.00
cents. First support is seen at 67.00 cents and then at Monday's low of 66.20
cents.

74.00 --- the contract high
66.48 --- 10-day moving average
66.03 --- 20-day moving average
64.27 --- 40-day moving average
23.28 --- the contract low