By Jim Wyckoff

  DOW JONES NEWSWIRES


  DECEMBER CORN


  December corn on Thursday closed solidly higher and near the session high.
Short covering and bargain-hunting buying were featured. A rally in crude oil
and the U.S. stock market also helped to boost corn. Good follow-through buying
and a bullish weekly high close on Friday would suggest that a market low is in
place. Corn prices are also still in a six-week-old downtrend on the daily bar
chart. The corn bulls' next upside price objective is to push prices above
solid technical resistance at $3.56 3/4 a bushel, which would fill on the
upside a downside price gap on the daily bar chart. The next downside price
objective for the bears is to push and close prices below solid technical
support at the contract low of $3.14 3/4 a bushel. First resistance for
December corn is seen at $3.40 and then at $3.55. First support is seen at
$3.35 and then at $3.30.

$7.07 

 the contract high
$3.33 1/4 --- 10-day moving average
$3.49 1/4 --- 20-day moving average
$3.96 3/4 --- 40-day moving average
$3.14 3/4 --- the contract low


  DECEMBER CBOT WHEAT


  December Chicago wheat on Thursday closed higher and nearer the session high
on short covering and higher corn and soybean prices. Higher crude oil prices
and a rally in the U.S. stock market Thursday also supported wheat futures
prices. Wheat bears still have the solid overall near-term technical advantage.
The next downside price objective for the bears is pushing and closing prices
below solid technical support at the July low of $5.38. Bulls' next upside
price objective is to push and close July futures prices above solid technical
resistance at this week's high of $5.80 a bushel. First resistance is seen at
Thursday's high of $5.65 3/4 and then at $5.70. First support lies at $5.50 and
then at Thursday's low of $5.47 1/4.

$11.50 1/2 --- the contract high
$5.59 3/4 --- 10-day moving average
$5.60 3/4 --- 20-day moving average
$6.05 1/4 --- 40-day moving average
$4.91 

 the contract low


  DECEMBER KCBT WHEAT


  December KCBT wheat on Thursday closed firmer and near mid-range. Bears still
have the solid near-term technical advantage. The bulls' next upside price
objective is pushing prices above solid technical resistance at this week's
high of $5.92 1/2. The bears' next downside objective is pushing and closing
prices below solid technical support at the July low of $5.60 1/2. First
resistance is seen at Thursday's high of $5.87 and then at this week's high of
$5.92 1/2. First support is seen at Thursday's low of $5.71 and then at this
week's low of $5.64.

$11.35 
-- the contract high
$5.78 1/4 --- 10-day moving average
$5.82 3/4 --- 20-day moving average
$6.30 
--- 40-day moving average
$4.60 

 the contract low