By Jim Wyckoff

  DOW JONES NEWSWIRES


  DECEMBER CORN


  December corn on Tuesday closed slightly higher and near mid-range in quieter
trading. Tepid short covering in a bear market was featured. The key "outside
markets" were bullish for corn Tuesday, as crude oil and U.S. stock index
prices were higher, while the U.S. dollar was weaker. However, weather in the
U.S. Corn Belt is still deemed bearish. The corn bears still have the solid
near-term technical advantage at present. The corn bulls' next upside price
objective is to push prices above solid technical resistance at last week's
high of $3.45 a bushel. The next downside price objective for the bears is to
push and close prices below major psychological support at $3.00 a bushel.
First resistance for December corn is seen at this week's high of $3.25 3/4 and
then at $3.30. First support is seen at Tuesday's low of $3.18 and then at the
July low of $3.14 3/4 and then at this week's low of $3.11 1/2.

$7.07 

 the contract high
$3.32 1/2 --- 10-day moving average
$3.36 1/2 --- 20-day moving average
$3.46 3/4 --- 40-day moving average
$3.02 
--- the contract low


  DECEMBER CBOT WHEAT


  December Chicago wheat on Tuesday closed weaker, nearer the session low and
closed at a fresh two-plus year low close. The key "outside markets" were
bullish for wheat Tuesday, as crude oil and U.S. stock index prices were
higher, while the U.S. dollar was weaker. Yet, wheat couldn't rally, which  is
a bearish clue. Wheat bears still have the solid overall near-term technical
advantage. Prices are in an 11-week-old downtrend on the daily bar chart. The
next downside price objective for the bears is pushing and closing prices below
solid technical support at $4.50. Bulls' next upside price objective is to push
and close December futures prices above solid technical resistance at the July
low of $5.32 3/4 a bushel. First resistance is seen at this week's high of
$5.08 3/4 and then at $5.15. First support lies at the contract low of $4.91
and then at $4.75.

$11.50 1/2 --- the contract high
$5.16 3/4 --- 10-day moving average
$5.34 3/4 --- 20-day moving average
$5.49 3/4 --- 40-day moving average
$4.91 

 the contract low


   DECEMBER KCBT WHEAT


   December KCBT wheat on Tuesday closed weaker, nearer the session low and did
close at a fresh contract low close. Bears still have the solid near-term
technical advantage. Prices are in a 10-week-old downtrend on the daily bar
chart. The bulls' next upside price objective is pushing prices above solid
technical resistance at $5.60. The bears' next downside objective is pushing
and closing prices below major psychological support at $5.00. First resistance
is seen at $5.25 and then at $5.30. First support is seen at the contract low
of $5.12 and then at $5.00.

$11.35 
-- the contract high
$5.36 1/4 --- 10-day moving average
$5.55 1/4 --- 20-day moving average
$5.71 1/2 --- 40-day moving average
$5.12 
--- the contract low