By Jim Wyckoff
   DOW JONES NEWSWIRES


  NOVEMBER SOYBEANS

  November soybeans on Tuesday closed higher and nearer the session high on
sentiment Wednesday morning's key U.S. Department of Agriculture crop
production report would be bullish.

  The key outside markets were mostly bearish for soybeans Tuesday, as crude
oil prices were weaker and the U.S. stock indexes were weaker.

  Weather in the U.S. Corn Belt remains mostly benign for soybeans, although
traders are monitoring some forecasts calling for hotter temps the last half of
August. Seasonal factors are bearish for beans at this time of year. The next
upside price objective for the bean bulls is to push and close November prices
above solid technical resistance at last week's high of $10.49 3/4 a bushel.
The next downside price objective for the bears is pushing and closing prices
below solid technical support at today's low of $10.05 a bushel. First
resistance for November soybeans is seen at Tuesday's high of $10.42 and then
at $10.49 3/4. First support is seen at $10.25 and then at $10.05.
   $15.57 1/2 --- the contract high
   $10.09 1/4 --- 10-day moving average
   $9.61 1/2 --- 20-day moving average
   $9.68 1/2 --- 40-day moving average
   $6.70 
--- the contract low
   DECEMBER SOYBEAN MEAL

  December soybean meal on Tuesday closed higher and nearer the session high.

  Bulls still have the near-term technical advantage in meal. The next upside
price objective for the bulls is to produce a close above solid technical
resistance at last week's high of $320.00. The next downside price objective
for the bears is pushing and closing prices below solid technical support at
$300.00. First resistance comes in at Tuesday's high of $314.70 and then at
$320.00. First support is seen at $310.00 and then at this week's low of
$305.70.
   $399.00 --- contract high
   $307.20 --- 10-day moving average
   $292.00 --- 20-day moving average
   $297.40 --- 40-day moving average
   $203.30 --- the contract low
   DECEMBER SOYBEAN OIL

  December soybean oil on Tuesday closed solidly higher, near the session high
and hit a fresh seven-week high. The key outside markets were mostly bearish
for bean oil, as crude oil prices were weaker and the U.S. stock indexes were
weaker.

  Bulls have the near-term technical advantage and gained more upside momentum
Tuesday. The next upside price objective for the bean oil bulls is pushing and
closing prices above solid technical resistance at 40.00 cents. Bean oil bears'
next downside technical price objective is pushing and closing prices below
solid technical support at this week's low of 36.75 cents. First resistance is
seen at 39.00 cents and then at 39.50 cents. First support is seen at 38.46
cents and then at 38.00 cents.
   70.00 --- the contract high
   37.09 --- 10-day moving average
   36.06 --- 20-day moving average
   36.01 --- 40-day moving average
   30.00 --- the contract low