By Jim Wyckoff

  Of DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybeans closed higher Tuesday and nearer the session high on short
covering in a bear market. Prices are still 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
continue to work to limit buying interest in beans.

  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 Tuesday's high of $9.32 1/2
and then at $9.40. First support is seen at $9.20 and then at Tuesday's low of
$9.06.

$15.57 1/2 --- the contract high
$9.13 1/2 
 10-day moving average
$9.27 1/2 
 20-day moving average
$9.82 3/4 
 40-day moving average
$6.70 

 the contract low

DECEMBER SOYBEAN MEAL


  December soybean meal closed higher Tuesday and nearer the session high on
short covering in a bear market. 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 Tuesday's high of $285.90 and then at $290.00.
First support is seen at $280.00 and then at Tuesday's low of $276.10.

$399.00 --- contract high
$276.70 --- 10-day moving average
$285.60 --- 20-day moving average
$301.80 --- 40-day moving average
$203.30 --- the contract low

DECEMBER SOYBEAN OIL


  December soybean oil on Tuesday closed firmer, near mid-range and saw short
covering in a bear market. Bears still 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 Tuesday's high of 34.99 cents and then at 35.50
cents. First support is seen at Tuesday's low of 34.24 cents and then at this
week's low of 34.08 cents.

70.00 --- the contract high
35.03 --- 10-day moving average
34.80 --- 20-day moving average
36.69 --- 40-day moving average
30.00 --- the contract low