By Jim Wyckoff

  DOW JONES NEWSWIRES


  NOVEMBER SOYBEANS


  November soybeans on Thursday closed weaker and near mid-range. The key
"outside markets" were bullish for soybean futures Thursday, as the U.S. stock
indexes were higher, crude oil was higher and the U.S. dollar was weaker.
However, soybeans sold off anyway, which suggests traders may finally be
focusing more on supply and demand fundamentals in the grain markets than on
the outside markets. The main fundamental focus in the soybean market at
present is weather in the Corn Belt, which is still deemed bearish. It still
appears it will take a serious weather market scare in the Corn Belt this
summer to jump-start a serious rally in soybean futures. The next upside price
objective for the bean bulls is to push and close prices above solid technical
resistance at $10.57 a bushel. The next downside price objective for the bears
is pushing and closing prices below solid technical support at this week's low
of $9.70 3/4 a bushel. First resistance for November soybeans is seen at this
week's high of $10.16 3/4 and then at $10.25. First support is seen at
Thursday's low of $9.92 1/4 and then at $9.80.

$15.57 1/2 --- the contract high
$10.22 1/2 --- 10-day moving average
$10.47 

 20-day moving average
$10.20 3/4 --- 40-day moving average
$6.70 

 the contract low


  DECEMBER SOYBEAN MEAL


  December soybean meal on Thursday closed lower and nearer the session low.
Near-term technical damage has been inflicted in meal recently. A bearish
pennant pattern has formed on the daily bar chart. The next upside price
objective for the bulls is to produce a close above solid technical resistance
at $328.00. The next downside price objective for the bears is pushing and
closing prices below solid technical support at $290.00. First resistance comes
in at $309.00 and then at Thursday's high of $311.30. First support is seen at
Thursday's low of $303.70 and then at $300.00.

$399.00 --- contract high
$315.60 --- 10-day moving average
$319.90 --- 20-day moving average
$306.90 --- 40-day moving average
$203.30 --- the contract low


  DECEMBER SOYBEAN OIL


  December soybean oil on Thursday closed slightly higher and nearer the
session low. Prices are still in a steep 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 last week's high of
38.88 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 37.90 cents and then at 38.50 cents.
First support is seen at Thursday's low of 37.12 cents and then at this week's
low of 36.51 cents.

70.00 --- the contract high
37.56 --- 10-day moving average
38.96 --- 20-day moving average
39.03 --- 40-day moving average
30.00 --- the contract low