By Jim Wyckoff

  DOW JONES NEWSWIRES

   NOVEMBER SOYBEANS


  November soybeans on Wednesday closed weaker and nearer the session low.
Trading has turned choppy and 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
continues 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 $9.25 and
then at Wednesday's high of $9.35 3/4. First support is seen at Wednesday's low
of $9.06 1/4 and then at $9.00.

$15.57 1/2 --- the contract high
$9.14 3/4 --- 10-day moving average
$9.24 1/4 --- 20-day moving average
$9.78 3/4 --- 40-day moving average
$6.70 

 the contract low

   DECEMBER SOYBEAN MEAL


  December soybean meal on Wednesday closed weaker and near mid-range. 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 Wednesday's high of $286.20 and then at $290.00. First support is seen at
$280.00 and then at Wednesday's low of $277.00.

$399.00 --- contract high
$277.40 --- 10-day moving average
$284.40 --- 20-day moving average
$300.70 --- 40-day moving average
$203.30 --- the contract low

   DECEMBER SOYBEAN OIL


  December soybean oil on Wednesday closed lower, near the session low, and hit
a fresh two-week low. The key outside markets were bearish for bean oil
Wednesday, as crude oil was sharply lower, stock index futures prices were
lower and the U.S. dollar was solidly higher. Bears still have the near-term
technical advantage and gained more momentum today. 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
34.00 cents and then at 34.50 cents. First support is seen at Wednesday's low
of 33.75 cents and then at 33.50 cents.

70.00 --- the contract high
34.93 --- 10-day moving average
34.70 --- 20-day moving average
35.60 --- 40-day moving average
30.00 --- the contract low