DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  Not surprisingly, November soybeans posted a consolidative inside day session
on Tuesday, as the market paused to digest Monday's massive rally.

  Nonetheless, the contract settled slightly firmer, keeping the bullish
technical bias intact.

  The market has left the July retreat to the $9.00 area in the dust and has
broken out solidly to the upside from last month's neutral sideways range.

  The near-term technical trend remains bullish.

  But soybeans have rallied sharply in a short period of time. Markets that
move this far this fast are always vulnerable to consolidation and correction.

  The next upside price objective for the bean bulls is to push and close
November prices above the June 18 swing high at $10.57. The next downside price
objective for the bears is pushing and closing prices below solid technical
support at $10.00 a bushel.

  First resistance for November soybeans is seen at Monday's high of $10.42 1/2
and then at $10.57. First support is seen at $10.15 and then at $10.00.

$15.57 1/2 --- the contract high
$9.51 

 10-day moving average
$9.31 

 20-day moving average
$9.73 

 40-day moving average
$6.70 

 the contract low


DECEMBER SOYBEAN MEAL


  December soybean meal also posted an inside session Tuesday, in which in the
high and low remained within Monday's price range. The contract did close
higher.

  Nonetheless, bulls should remain cautious amid potential that meal
overextended on the upside.

  The next upside price objective for the bulls is to produce a close above
solid technical resistance at $317.50. The next downside price objective for
the bears is pushing and closing prices below solid technical support at
$306.50.

  First resistance comes in at Monday's high of $317.50 and then at $323.50.
First support is seen at $309.00 and then at $306.50.

$399.00 --- contract high
$289.70 --- 10-day moving average
$284.70 --- 20-day moving average
$299.40 --- 40-day moving average
$203.30 --- the contract low


DECEMBER SOYBEAN OIL


  December soybean oil followed suit with narrow, inside day action with a
firmer settlement on Tuesday.

  However, the bulls have carved out a series of higher highs and higher lows
on the daily chart off the July 8 low and the near-term technical trend remains
pointing up.

  The next upside price objective for the bean oil bulls is pushing and closing
prices above 38.83, June 12 high and the bottom of an old gap on the daily
chart. Bean oil bears' next downside technical price objective is pushing and
closing prices below 37.20 cents, Monday's low and gap top support.

  First resistance is seen at 38.30 cents and then at 38.83 cents. First
support is seen at 37.90 cents and then at 37.20 cents.

70.00 --- the contract high
35.57 --- 10-day moving average
35.02 --- 20-day moving average
36.14 --- 40-day moving average
30.00 --- the contract low