By Jim Wyckoff

  Of DOW JONES NEWSWIRES


  DECEMBER CORN


  December corn on Tuesday closed higher and near the session high on short
covering. The key "outside markets" were in a bullish posture for corn, as
crude oil prices were sharply higher, the U.S. dollar was solidly lower and the
U.S. stock indexes were firmer. Good follow-through buying on Wednesday would
hint that a market bottom or harvest low is in place. The corn bulls' next
upside price objective is to push prices above solid technical resistance at
last week's high of $3.47 3/4 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 Tuesday's high of
$3.26 1/4 and then at $3.30. First support is seen at $3.20 and then at
Tuesday's low of $3.15 1/4.

   $7.07 - contract high
   $3.23 1/2 - 10-day moving average
   $3.22 1/4 - 20-day moving average
   $3.29 1/4 - 40-day moving average
   $3.02 - contract low


  DECEMBER CBOT WHEAT


  December Chicago wheat Tuesday closed weaker and nearer the session low.
The key "outside markets" were in a bullish posture for wheat, as crude oil
prices were sharply higher, the dollar was solidly lower and the U.S. stock
indexes were firmer. Yet, wheat could get no upside traction, which is a
bearish clue. Wheat bears still have the solid overall near-term technical
advantage. Prices are still in a 3.5-month-old downtrend on the daily bar
chart. There are no early clues of a market low being close at hand. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at $4.25. Bulls' next upside price objective is to push
and close December futures prices above solid technical resistance at $5.00 a
bushel. First resistance is seen at Tuesday's high of $4.64 1/2 and then at
$4.75. First support lies at the contract low of $4.50 and then at $4.40.

   11.50 1/2 - contract high
   $4.60 1/2 - 10-day moving average
   $4.74 1/2 - 20-day moving average
   $4.99 1/4 - 40-day moving average
   $4.50 - the contract low


  DECEMBER KCBT WHEAT


  December KCBT wheat Tuesday closed weaker and near the session low. Bears
still have the solid near-term technical advantage. Prices are in a
3.5-month-old downtrend on the daily bar chart. The bulls' next upside price
objective is pushing prices above solid technical resistance at $5.25. The
bears' next downside objective is pushing and closing prices below major
technical support at $4.50. First resistance is seen at Tuesday's high of $4.76
1/4 and then at $4.81. First support is seen at the contract low of $4.65 and
then at $4.60.

   $11.35 - contract high
   $4.73 3/4 - 10-day moving average
   $4.91 3/4 - 20-day moving average
   $5.17 3/4 - 40-day moving average
   $4.65 - contract low