By Jim Wyckoff

  DOW JONES NEWSWIRES


  NOVEMBER SOYBEANS


  November soybeans on Tuesday closed higher and near the session high on short
covering and perceived bargain-hunting buying. The key "outside markets" were
bullish for soybean futures Tuesday, as the U.S. stock indexes were firmer, and
crude oil was solidly higher, while the U.S. dollar was sharply lower. Serious
near-term chart damage has been inflicted in soybeans recently. It also appears
it will take a serious weather market scare in the Corn Belt this summer to
jump-start a serious rally in soybean futures. The next upside price objective
for the bean bulls is to push and close prices above solid technical resistance
at $10.57 a bushel. The next downside price objective for the bears is pushing
and closing prices below solid technical support at this week's low of $9.70
3/4 a bushel. First resistance for November soybeans is seen at Tuesday's high
of $10.05 3/4 and then at this week's high of $10.10. First support is seen at
$9.90 and then at Tuesday's low of $9.79.

$15.57 1/2 --- the contract high
$10.38 1/2 --- 10-day moving average
$10.51 3/4
-- 20-day moving average
$10.16 1/4 --- 40-day moving average
$6.70 

 the contract low


  DECEMBER SOYBEAN MEAL


  December soybean meal on Tuesday closed higher and near the session high on
short covering and perceived bargain-hunting buying. Near-term technical damage
has been inflicted recently. The next upside price objective for the bulls is
to produce a close above solid technical resistance at $328.00. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at $290.00. First resistance comes in at $310.00 and
then at $315.00. First support is seen at $305.00 and then at $300.00.

$399.00 --- contract high
$321.00 --- 10-day moving average
$321.20 --- 20-day moving average
$304.90 --- 40-day moving average
$203.30 --- the contract low


  DECEMBER SOYBEAN OIL


  December soybean oil on Tuesday closed higher and near the session high on
short covering and perceived bargain hunting. The key "outside markets" were
bullish for bean oil futures Tuesday, as the U.S. stock indexes were firmer and
crude oil was solidly higher, while the U.S. dollar was sharply lower. Prices
are still in a steep three-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 38.88 cents. Bean oil
bears' next downside technical price objective is pushing and closing prices
below solid technical support at 35.00 cents. First resistance is seen at 38.00
cents and then at 38.50 cents. First support is seen at 37.50 cents and then at
37.00 cents.

70.00 --- the contract high
37.96 --- 10-day moving average
39.09 --- 20-day moving average
38.97 --- 40-day moving average
30.00 --- the contract low