By Jim Wyckoff

  DOW JONES NEWSWIRES


  NOVEMBER SOYBEANS


  November soybean prices Wednesday closed solidly lower, near mid-range and
did hit a fresh six-week low. Near-term chart damage has been inflicted
recently. Prices are in a three-week-old downtrend on the daily bar chart.
Benign growing weather in the Corn Belt and bearish "outside markets"
today--sharply lower crude oil prices and a stronger U.S. dollar, weighed on
soybeans Wednesday. The next upside price objective for the bean bulls is to
push and close prices above psychological resistance at $14.00 a bushel. The
next downside price objective for the bears is pushing and closing prices below
solid technical support at $13.50. First resistance for November soybeans is
seen at $14.00 and then at Wednesday's high of $14.14 1/2. First support is
seen at Wednesday's low of $13.62 1/2 and then at $13.50.

16.36 3/4 --- the contract high
14.94 3/4 --- 10-day moving average
15.34 1/2 --- 20-day moving average
14.94 1/4 --- 40-day moving average
5.98 

 the contract low


  DECEMBER SOYBEAN MEAL


  December soymeal prices Wednesday closed lower and near mid-range and did hit
a fresh six-week low. Near-term chart damage has occurred recently. The next
upside price objective for the bulls is to produce a close above solid
technical resistance at $380.00. The next downside price objective for the
bears is pushing and closing prices below solid support at $350.00. First
resistance comes in at Wednesday's high of $370.80 and then at this week's high
of $376.60. First support is seen at Wednesday's low of $355.00 and then at
$350.00.

$431.90 --- the contract high
$393.80 --- 10-day moving average
$403.00 --- 20-day moving average
$384.70 --- 40-day moving average
$172.20 --- the contract low


  DECEMBER SOYBEAN OIL


  December bean oil prices Wednesday closed solidly lower, nearer the session
low and hit a fresh 10-week low. Near-term chart damage has been inflicted
recently. Prices are in a three-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 63.00 cents. Bean oil bears' next
downside technical price objective is pushing and closing prices below solid
support at the May low of 56.84 cents. First resistance is seen at 61.00 cents
and then at Wednesday's high of 61.85 cents. First support is seen at
Wednesday's low of 59.52 cents and then at 59.00 cents.

74.00 --- the contract high
63.82 --- 10-day moving average
65.52 --- 20-day moving average
65.37 --- 40-day moving average
23.28 --- the contract low