By Jim Wyckoff

  Of DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybeans on Thursday closed weaker and nearer the session low in
quieter trading. Serious near-term chart damage has been inflicted recently.

  A bear flag pattern has formed on the daily bar chart with recent price
action. 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
psychological support at $9.00 a bushel. First resistance for November soybeans
is seen at today's high of $9.68 1/2 and then at $9.75. First support is seen
at $9.50 and then at this week's low of $9.40 1/2.

$15.57 1/2 --- the contract high
$9.96 

 10-day moving average
$9.85 3/4 
 20-day moving average
$9.62 1/4 
 40-day moving average
$6.70 
--- the contract low

DECEMBER SOYBEAN MEAL


  December soybean meal on Thursday closed slightly higher and near mid-range.

  Serious near-term chart damage has been inflicted recently. A bearish pennant
pattern has formed on the daily bar chart. The bears still have downside
near-term technical momentum. The next upside price objective for the bulls is
to produce a close above solid technical resistance at $300.00.

  The next downside price objective for the bears is pushing and closing prices
below solid technical support at the July low of $266.90. First resistance
comes in at Thursday's high of $285.50 and then at $287.20.

  First support is seen at Thursday's low of $280.70 and then at this week's
low of $278.00.

$399.00 --- contract high
$298.00 --- 10-day moving average
$297.60 --- 20-day moving average
$293.50 --- 40-day moving average
$203.30 --- the contract low

DECEMBER SOYBEAN OIL


  December soybean oil on Thursday closed lower and near the session low.

  Serious near-term chart damage has occurred in bean oil recently. A bear flag
has formed on the daily bar chart. Bears have the overall near-term technical
advantage. The next upside price objective for the bean oil bulls is pushing
and closing prices above solid technical resistance at 38.00 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 36.95 cents and then at 37.16 cents. First support is seen
at this week's low of 36.11 cents and then at 36.00 cents.

70.00 --- the contract high
37.49 --- 10-day moving average
36.79 --- 20-day moving average
35.98 --- 40-day moving average
30.00 --- the contract low