By Jim Wyckoff
   Of DOW JONES NEWSWIRES


  NOVEMBER SOYBEANS


  November soybeans on Wednesday closed firmer, nearer the session high, and
hit a fresh seven-week high. The key "outside markets" were bullish for
soybeans Wednesday, as crude-oil and U.S. stock-index prices were higher, while
the U.S. dollar was weaker. Wednesday's USDA crop production report was deemed
bullish for soybeans. However, it does appear that, with Wednesday's tepid
gains, all the bullish fundamental news has been factored into soybean prices,
which does suggest limited upside price potential in the near term. Weather in
the U.S. Corn Belt remains mostly benign for soybeans, which is also bearish.
The next upside price objective for the bean bulls is to push and close
November prices above psychological resistance at $11.00 a bushel. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at this week's low of $10.05 a bushel. First resistance
for November soybeans is seen at Wednesday's high of $10.55 and then at $10.75.
First support is seen at $10.30 and then at $10.20.
   $15.57 1/2   --- the contract high
   $10.22 1/4   --- 10-day moving average
     $9.68 1/2   --- 20-day moving average
     $9.68 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 after
hitting a fresh two-week low early on. 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
Wednesday's high of $318.80 and then at $320.00. First support  is seen at
$310.00 and then at Wednesday's low of $304.40.

  $399.00 --- contract high

  $310.30 --- 10-day moving average

  $293.80 --- 20-day moving average

  $297.20 --- 40-day moving average

  $203.30 --- the contract low


  DECEMBER SOYBEAN OIL


  December soybean oil on Wednesday closed higher, nearer the session high, and
hit another fresh seven-week high. Spreaders were buying bean oil and selling
meal Wednesday. The key "outside markets" were bullish for bean oil Wednesday,
as crude oil and U.S. stock index prices were higher, while the U.S. dollar was
weaker. Bulls have the near-term technical advantage and gained more upside
momentum today. The next upside price objective for the bean-oil bulls is
pushing and closing prices above solid technical resistance at the June high of
41.44 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 today's high of 39.38 cents and then
at 40.00 cents. First support is seen at 39.00 cents and then at 38.50 cents.

  70.00 --- the contract high

  37.64 --- 10-day moving average

  36.28 --- 20-day moving average

  36.05 --- 40-day moving average

  30.00 --- the contract low