By Jim Wyckoff

  DOW JONES NEWSWIRES

DECEMBER CORN


  December corn prices Wednesday closed firmer and near mid-range and were
supported by dry weather in the Corn Belt and bullish "outside markets" -
higher crude oil prices and a weaker U.S. dollar. My bias is that the corn
market will chop in a more sideways fashion and possibly with a slight downside
slant in the coming days and weeks. The bulls' next upside price objective is
to push and close prices above solid technical resistance at this week's high
of $6.28 3/4. The next downside price objective for the bears is to push and
close prices below solid technical support at $5.80. First resistance for
December corn is seen at $6.00 and then at Wednesday's high of $6.04 1/2. First
support is seen at Wednesday's low of $5.85 3/4 and then at $5.80.

7.99 1/4 --- the contract high
5.89 1/4 --- 10-day moving average
5.68 3/4 --- 20-day moving average
6.16 1/4 --- 40-day moving average
2.59 

 the contract low

DECEMBER CBOT WHEAT


  December Chicago wheat prices closed solidly lower and near the session low
Wednesday and did hit a fresh two-week low. Bears have gained solid downside
technical momentum recently. Traders will continue to monitor the key "outside
markets" - crude oil and the U.S. dollar - for direction. The next downside
price objective for the bears is pushing and closing prices below major
psychological support at $8.00. The bulls' next upside price objective is to
push and close December futures prices above solid technical resistance at
$8.70 a bushel. First resistance is seen at $8.40 and then at $8.50. First
support lies at Wednesday's low of $8.20 and then at $8.10.

12.84 1/4 --- the contract high
8.75 1/4 --- 10-day moving average
8.45 1/4 --- 20-day moving average
8.43 
--- 40-day moving average
4.00 1/2 --- the contract low

DECEMBER KCBT WHEAT


  December Kansas City wheat prices Wednesday closed solidly lower and nearer
the session low and hit a fresh two-week low. Bears have momentum on their
side. The bulls' next upside price objective is pushing and closing prices
above solid technical resistance at $9.00 a bushel, which would also fill on
the upside a downside price gap. The bears' next downside objective is pushing
and closing prices below solid technical support at $8.50. First resistance is
seen at $9.75 and then at $8.80. First support is seen at Wednesday's low of
$8.57 and then at $8.50.

12.99 

 the contract high
9.07 3/4 --- 10-day moving average
8.77 

 20-day moving average
8.73 

 40-day moving average
4.88 

 the contract low