By Jim Wyckoff

  DOW JONES NEWSWIRES NOVEMBER SOYBEANS

  November soybeans Tuesday closed higher and nearer the session high on short
covering in a bear market. The key "outside markets" were in a bullish posture
for soybeans Tuesday, as crude oil prices were sharply higher, the U.S. dollar
was solidly lower and the U.S. stock indexes were firmer.

  Bears still have the near-term technical advantage. Prices are in a
six-week-old downtrend on the daily bar chart. The next upside technical
objective for the bulls is pushing and closing November prices above solid
technical resistance at last week's high of $9.77 3/4 a bushel. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at the September low of $8.92 a bushel.

  First resistance for November soybeans is seen at Tuesday's high of $9.27 1/4
and then at $9.40. First support is seen at $9.09 1/4 and then at Tuesday's low
of $9.03 1/4. $15.57 1/2 --- the contract high $9.30 3/4 
 10-day moving
average $9.49 3/4 
 20-day moving average $9.71 3/4 
 40-day moving
average $6.70 

 the contract low DECEMBER SOYBEAN MEAL

  December soybean meal on Tuesday closed higher and near mid-range today on
short covering in a bear market. Bears still have the near-term technical
advantage in meal.

  Prices are in a six-week-old downtrend on the daily bar chart. The next
upside price objective for the bulls is to produce a close above solid
technical resistance at last week's high of $298.80.

  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 Tuesday's high of $281.00 and then at $285.00.
First support is seen at $275.00 and then at the September low of $273.00.
$399.00 --- contract high $285.00 --- 10-day moving average $289.20 --- 20-day
moving average $294.20 --- 40-day moving average $203.30 --- the contract low
DECEMBER SOYBEAN OIL

  December soybean oil Tuesday closed higher and near the session high. The key
"outside markets" were in a bullish posture for bean oil, as crude oil prices
were sharply higher, the U.S. dollar was solidly lower and the U.S. stock
indexes were firmer.

  Bean oil prices are still in a six-week-old downtrend on the daily bar chart.
The next upside price objective for the bean oil bulls is pushing and closing
prices above solid technical resistance at last week's high of 36.19 cents.

  Bean oil bears' next downside technical price objective is pushing and
closing prices below solid technical support at last week's low of 33.45 cents.

  First resistance is seen at 35.00 cents and then at this week's high of 35.27
cents. First support is seen at 34.50 cents and then at Tuesday's low of 34.19
cents. 70.00 --- the contract high 34.50 --- 10-day moving average 35.09 ---
20-day moving average 36.08 --- 40-day moving average 30.00 --- the contract
low By Jim Wyckoff, contributing to Dow Jones Newswires