By Jim Wyckoff

  DOW JONES NEWSWIRES


  NOVEMBER SOYBEANS


  November soybeans on Monday closed lower and nearer the session low. Prices
are trapped in a trading range bound by solid support at the July low of $8.81
1/4 and by solid resistance at $9.40.

  Very good growing weather in the U.S. Corn Belt and more in the forecast will
likely continue to work to limit buying interest in beans. Also, prices are
still in a seven-week-old downtrend on the daily bar chart.

  The next upside price objective for the bean bulls is to push and close
November prices above solid technical resistance at $9.40 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 Monday's high of $9.16 1/4
and then at $9.25. First support is seen at $9.00 and then at $8.90.

$15.57 1/2 --- the contract high
$9.12 1/2 --- 10-day moving average
$9.30 1/4 --- 20-day moving average
$9.86 3/4 --- 40-day moving average
$6.70 

 the contract low


  DECEMBER SOYBEAN MEAL


  December soybean meal on Monday closed lower and nearer the session low.
Bears still have the near-term technical advantage as a seven-week-old
downtrend is still in place on the daily bar chart.

  The next upside price objective for the bulls is to produce a close above
solid technical resistance at $294.00.

  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 $280.00 and then at last week's
high of $285.50.

  First support is seen at Monday's low of $275.30 and then at $270.00.

$399.00 --- contract high
$276.70 --- 10-day moving average
$286.60 --- 20-day moving average
$302.80 --- 40-day moving average
$203.30 --- the contract low


  DECEMBER SOYBEAN OIL


  December soybean oil on Monday closed lower and nearer the session low. Bean
oil has become the laggard of the soy complex. Bears 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 last week's high of 36.24 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 34.88 cents and then at 35.00
cents.

  First support is seen at 34.00 cents and then at 33.50 cents.

70.00 --- the contract high
35.02 --- 10-day moving average
34.91 --- 20-day moving average
36.86 --- 40-day moving average
30.00 --- the contract low