DOW JONES NEWSWIRES

  DECEMBER CORN

  December corn on Wednesday closed weaker and near mid-range in quieter
trading. The corn bears still have the near-term technical advantage at
present.

  The corn bulls' next upside price objective is to push prices above  solid
technical resistance at $3.50 a bushel.

  The next downside price objective for the bears is to push and close prices
below solid technical support at last week's low of $3.11 1/2 a bushel.

  First resistance for December corn is seen at today's high of $3.30 and then
at this week's high of $3.37 1/2. First support is seen at this week's low of
$3.22 1/2 and then at $3.20.

  $7.07 

 the contract high

  $3.27 

 10-day moving average

  $3.35 3/4 
 20-day moving average

  $3.36 1/4 
 40-day moving average

  $3.02 
--- the contract low

  DECEMBER CBOT WHEAT

  December Chicago wheat on Wednesday closed higher, nearer the session high
and closed at a fresh two-week high close. Short covering in a bear market was
featured. Wheat bears still have the solid overall near-term technical
advantage. Prices are still 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 the contract low of $4.85 3/4.

  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 Wednesday's high of $5.09 1/2 and then at this
week's high of $5.16 1/2.

  First support lies at Wednesday's low of  $4.97 and then at the contract low
of $4.85 3/4.

  $11.50 1/2 --- the contract high

  $ 4.99 3/4 --- 10-day moving average

  $ 5.19 3/4 --- 20-day moving average

  $ 5.36 1/2 --- 40-day moving average

  $ 4.85 1/2 --- the contract low

  DECEMBER KCBT WHEAT

  December KCBT wheat on Wednesday closed higher, near the session high and
closed at a fresh two-week high close. Short covering in a bear market was
featured. Bears still have the solid near-term technical advantage. Prices  are
in an 11-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 Wednesday's high of $5.29 and then at this week's
high of $5.39.

  First support is seen at Wednesday's low of $5.21 and then at this week's low
of  $5.12.

  $11.35 
-- the contract high

  $ 5.18 1/2 --- 10-day moving average

  $ 5.39 3/4 --- 20-day moving average

  $ 5.56 3/4 --- 40-day moving average

  $ 5.04 
--- the contract low

  By Jim Wyckoff, contributing to Dow Jones Newswires