By Jim Wyckoff
   Of DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybeans closed firmer Monday and near the session high after
hitting a fresh two-month low early. Short covering in a bear market was
featured. The key "outside markets" were in a bearish posture for soybeans by
the close Monday, as crude oil prices were lower, the U.S. dollar index was
firmer and the U.S. stock indexes were weaker.

  Bears still have the near-term technical advantage.

  The next upside price objective for the bean bulls is to push and close
November prices above solid technical resistance at $9.50 a bushel. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at the July low of $8.81 1/4 a bushel.

  First resistance for November soybeans is seen at $9.20 and then at $9.25.
First support is seen at $9.00 and then at Monday's low of $8.92.

$15.57 1/2 -- the contract high
$9.35 1/4 --- 10-day moving average
$9.58 1/4 --- 20-day moving average
$9.68 
--- 40-day moving average
$6.70 
--- the contract low

DECEMBER SOYBEAN MEAL


  December soybean meal closed firmer Monday and nearer the session high on
short covering in a bear market.

  Bears still have the overall near-term technical advantage.

  The next upside price objective for the bulls is to produce a close above
solid technical resistance at last week's high of $289.10. 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 Monday's high of $279.70 and then at $282.50.
First support is seen at $275.00 and then at Monday's low of $273.00.

$399.00 --- contract high
$285.60 --- 10-day moving average
$289.00 --- 20-day moving average
$292.60 --- 40-day moving average
$203.30 --- the contract low

DECEMBER SOYBEAN OIL


  December soybean oil closed weaker Monday, near mid-range and did hit a fresh
two-month low. The key "outside markets" were in a bearish posture for bean oil
by the close Monday, as crude oil prices were lower, the U.S. dollar index was
firmer and the U.S. stock indexes were weaker.

  Bean oil prices are still in a four-week downtrend on the daily bar chart and
bears still have the near-term technical advantage.

  The next upside price objective for the bean oil bulls is pushing and closing
prices above solid technical resistance at 36.00 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 Monday's high of 33.90 cents and then at 34.50
cents. First support is seen at Monday's low of 33.45 cents and then at 33.00
cents.

70.00 --- the contract high
34.53 --- 10-day moving average
35.69 --- 20-day moving average
36.14 --- 40-day moving average
30.00 --- the contract low