By Jim Wyckoff

  Of DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybeans closed solidly lower Tuesday, nearer the session low and
hit a fresh two-week low. The key "outside markets" were fully bearish for the
soybean market Tuesday, as crude oil prices were lower, U.S. stock indexes were
solidly lower and the U.S. dollar index was solidly higher. Serious near-term
technical damage has occurred this week.

  Bears have the near-term technical advantage.

  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 $9.40 a bushel.

  First resistance for November soybeans is seen at $9.67 1/4 and then $9.80.
First support is seen at Tuesday's low of $9.50 3/4 and then at $9.40.

$15.57 1/2 --- the contract high
$9.83 1/4 
 10-day moving average
$9.97 3/4 
 20-day moving average
$9.64 1/2 
 40-day moving average
$6.70 

 the contract low

DECEMBER SOYBEAN MEAL


  December soybean meal closed lower Tuesday, nearer the session low, and hit a
fresh two-week low. Bears have the near-term technical advantage as serious
chart damage has occurred this week.

  The next upside price objective for the bulls is to produce a close above
solid technical resistance at this week's high of $310.00. The next downside
price objective for the bears is pushing and closing prices below solid
technical support at the August low of $278.00.

  First resistance comes in at $290.00 and then at $295.00. First support is
seen at Tuesday's low of $287.70 and then $285.00.

$399.00 --- contract high
$294.50 --- 10-day moving average
$299.50 --- 20-day moving average
$292.10 --- 40-day moving average
$203.30 --- the contract low

DECEMBER SOYBEAN OIL


  December soybean oil closed lower Tuesday, nearer the session low, and hit a
fresh five-week low. Prices are in a three-week-old downtrend on the daily bar
chart and bears have gained downside technical momentum.

  The next upside price objective for the bean oil bulls is pushing and closing
prices above solid technical resistance at 37.00 cents. Bean oil bears' next
downside technical price objective is pushing and closing prices below solid
technical support at the July low of 32.80 cents.

  First resistance is seen at 35.50 cents and then at Tuesday's high of 36.14
cents. First support is seen at Tuesday's low of 34.97 cents and then at 34.50
cents.

70.00 --- the contract high
36.62 --- 10-day moving average
37.19 --- 20-day moving average
36.10 --- 40-day moving average
30.00 --- the contract low