By Jim Wyckoff

  DOW JONES NEWSWIRES


  DECEMBER CORN


  December corn on Tuesday closed higher and near the session high on more
short covering in a bear market. However, weather in the Corn Belt is at
present still deemed overall bearish, and weather is presently the trump card
in the corn and soybean futures markets. Prices are still in a four-week-old
downtrend on the daily bar chart. The corn bulls' next upside price objective
is to push and close prices above solid technical resistance at last week's
high of $3.58 a bushel. The next downside price objective for the bears is to
push and close prices below strong longer-term technical support at $3.25 a
bushel. First resistance for December corn is seen at Tuesday's high of $3.46
and then at $3.50. First support is seen at Tuesday's low of $3.39 1/2 and then
at $3.35.

$7.07 

 the contract high
$3.46 1/4 --- 10-day moving average
$3.76 1/4 
 20-day moving average
$4.15 1/4 --- 40-day moving average
$3.35 

 the contract low


  DECEMBER CBOT WHEAT


  December Chicago wheat on Tuesday closed lower, nearer the session low and
gave back about half of Monday's short-covering gains. Prices are still in a
six-week-old downtrend on the daily bar chart. Wheat bears still have the
overall near-term technical advantage. The next downside price objective for
the bears is pushing and closing prices below solid technical support at the
July low of $5.38. Bulls' next upside price objective is to push and close July
futures prices above solid technical resistance at $5.80 a bushel. First
resistance is seen at this week's high of $5.70 3/4 and then at $5.80. First
support lies at $5.50 and then at this week's low of $5.43 3/4.

$11.50 1/2 --- the contract high
$5.52 3/4 --- 10-day moving average
$5.77 1/2 --- 20-day moving average
$6.21 
--- 40-day moving average
$4.91 

 the contract low

DECEMBER KCBT WHEAT


  December KCBT wheat on Tuesday closed lower and near the session low. Bears
still have the near-term technical advantage and regained some downside
momentum Tuesday. Prices are still in a six-week-old downtrend on the daily bar
chart. The bulls' next upside price objective is pushing prices above solid
technical resistance at $6.08, which is the top of a downside price gap on the
daily bar chart. The bears' next downside objective is pushing and closing
prices below solid technical support at the July low of $5.60 1/2. First
resistance is seen at $5.80 and then at this week's high of $5.90. First
support is seen at Tuesday's low of $5.72 and then at $5.60 1/2.

$11.35 
-- the contract high
$5.75 1/2 --- 10-day moving average
$6.03 1/2 --- 20-day moving average
$6.47 1/2 --- 40-day moving average
$4.60 

 the contract low