DOW JONES NEWSWIRES

NOVEMBER SOYBEANS


  November soybeans closed lower amid profit-taking pressure Thursday, but
avoided complete market collapse as  was seen in the wheat market. Despite
Thursday's price pullback, the overall technical pattern remains positive for
now.

  A potential bull flag type of continuation formation is developing on the
daily chart. But, in order to keep that formation building, short-term support
at $10.15 must hold on any further downside testing.

  The next upside price objective for the bean bulls is to push and close
November prices above Thursday's high and the top of the potential flag pattern
at $10.49 3/4. The next downside price objective for the bears is pushing and
closing prices below $10.15.

  First resistance for November soybeans is seen at $10.42 1/2 and then at
$10.49 3/4. First support is seen at $10.19 and then at $10.15.

$15.57 1/2 -- the contract high
$9.75 
--- 10-day moving average
$9.44 
--- 20-day moving average
$9.71 
--- 40-day moving average
$6.70 
--- the contract low


DECEMBER SOYBEAN MEAL


  December soybean meal also closed slightly lower Thursday, but nonetheless,
the overall near-term technical picture remains favorable. In recent sessions,
the contract has settled into a very short-term sideways range trade.

  The next upside price objective for the bulls is to produce a close above the
top of the short-term range at $319.00. The next downside price objective for
the bears is pushing and closing prices below $306.50, the bottom of this
week's range.

  First resistance comes in at $317.00 and then at $319.00. First support is
seen at $309.50 and then at $306.50.

$399.00 --- contract high
$297.30 --- 10-day moving average
$287.80 --- 20-day moving average
$298.80 --- 40-day moving average
$203.30 --- the contract low


DECEMBER SOYBEAN OIL


  December soybean oil closed lower Thursday as the market posted a bearish gap
open down. The retreat for now fails to significantly harm the underlying
bullish technical outlook of the chart, however. To keep the near-term bullish
bias intact, Thursday's low at 37.10 must hold short term.

  The next upside price objective for the bean oil bulls is pushing and closing
prices above 38.30, the Aug. 3 high. Bean oil bears' next downside technical
price objective is pushing and closing prices below 37.10, Thursday's low.

  First resistance is seen at 37.33 cents and then at 38.30 cents. First
support is seen at 37.10 cents and then at 36.05 cents.

70.00 --- the contract high
36.09 --- 10-day moving average
35.49 --- 20-day moving average
36.04 --- 40-day moving average
30.00 --- the contract low