By Jim Wyckoff
DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybeans on Thursday closed sharply higher, nearer the  session high
and hit a fresh three-week high. Very strong weekly  USDA export sales data
that included hefty fresh sales to China  boosted the bean bulls Thursday and
prompted short covering and  fresh bargain hunting buying. Price action
Thursday also produced  a bullish upside "breakout" from a trading range on the
daily  chart. Very good growing weather in the U.S. Corn Belt and more  in the
forecast continues to be a major negative fundamental in  the bean market.
Seasonal factors are also bearish for beans at  this time of year. The next
upside price objective for the bean  bulls is to push and close November prices
above major  psychological resistance at $10.00 a bushel. The next downside
price objective for the bears is pushing and closing prices below  solid
technical support at $9.20 a bushel. First resistance for  November soybeans is
seen at Thursday's high of $9.84 1/2 and  then at $10.00. First support is seen
at $9.50 and then at $9.40.

$15.57 1/2 --- the contract high
$9.22 3/4 --- 10-day moving average
$9.22 
--- 20-day moving average
$9.76 3/4 --- 40-day moving average
$6.70 

 the contract low

DECEMBER SOYBEAN MEAL


  December soybean meal on Thursday closed sharply higher, nearer  the session
high and hit a fresh three-week high. Thursday's  price action did provide the
bulls with fresh upside near-term  technical momentum. A seven-week-old
downtrend on the daily bar  chart was negated Thursday. The next upside price
objective for  the bulls is to produce a close above solid technical resistance
 at $312.00. The next downside price objective for the bears is  pushing and
closing prices below solid technical support at  $280.00. First resistance
comes in at today's high of $300.60 and  then at $305.00. First support is seen
at $294.00 and then at  $290.00.

$399.00 --- contract high
$280.20 --- 10-day moving average
$283.40 --- 20-day moving average
$300.20 --- 40-day moving average
$203.30 --- the contract low

DECEMBER SOYBEAN OIL


  December soybean oil on Thursday closed sharply higher and nearer  the
session high on short covering and bargain-hunting buying.  The key "outside
markets were bullish Thursday, as crude oil  prices were sharply higher, the
U.S. dollar was weaker and the  U.S. stock indexes were solidly higher. Bulls
and bears are now  back on a level near-term technical playing field. The next
upside price objective for the bean oil bulls is pushing and  closing prices
above solid technical resistance at 37.50 cents.  Bean oil bears' next downside
technical price objective is  pushing and closing prices below solid technical
support at this  week's low of 33.75 cents. First resistance is seen at
Thursday's  high of 35.99 cents and then at 36.24 cents. First support is  seen
at 35.00 cents and then at 34.50 cents.

70.00 --- the contract high
35.05 --- 10-day moving average
34.64 --- 20-day moving average
36.39 --- 40-day moving average
30.00 --- the contract low