By Jim Wyckoff

  DOW JONES NEWSWIRES


  NOVEMBER SOYBEANS


  November soybeans on Thursday closed lower, near the session low, after
hitting hit a fresh eight-week high early on. The key "outside markets" were
bullish for soybeans, as crude oil and U.S. stock index prices were higher,
while the U.S. dollar was weaker. Yet, beans could get no traction from the
outsides, which is a bearish clue. Friday's price action will be extra
important. A bullish weekly high close would set the tone for trading next
week, while a bearish weekly low close would suggest a challenge of solid
technical support at $9.80, or below. 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 solid
technical resistance at Thursday's high of $10.66 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 $10.30 and then at $10.40. First support is seen
at Thursday's low of $10.16 and then at $10.05.

$15.57 1/2 --- the contract high
$10.26 3/4 --- 10-day moving average
$9.74 3/4 --- 20-day moving average
$9.68 1/4 --- 40-day moving average
$6.70 
--- the contract low


  DECEMBER SOYBEAN MEAL


  December soybean meal on Thursday closed lower and nearer the session low.
Bulls still have the near-term technical advantage in meal, but did fade
Thursday. Follow-through selling and a bearish weekly low close on Friday would
provide the bears with fresh downside near-term technical momentum.  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 $310.00 and then at $315.00.
First support is seen at this week's low of $304.40 and then at $300.00.

$399.00 --- contract high
$311.30 --- 10-day moving average
$295.70 --- 20-day moving average
$296.80 --- 40-day moving average
$203.30 --- the contract low


  DECEMBER SOYBEAN OIL


  December soybean oil on Thursday closed lower and near the session low after
hitting another fresh seven-week high early on. Profit-taking pressure was
seen. No chart damage occurred Thursday but the bulls do not want to see good
follow-through selling pressure on Friday. The key "outside markets"  were
bullish for bean oil Thursday, as crude oil and U.S. stock index prices were
higher, while the U.S. dollar was weaker. Yet, bean oil sold off, which is a
bearish clue. Bulls still have the overall near-term technical advantage. 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 39.00 cents and then at 39.50 cents. First support is
seen at Thursday's low of 38.25 cents and then at 38.00 cents.

70.00 --- the contract high
37.90 --- 10-day moving average
36.47 --- 20-day moving average
36.06 --- 40-day moving average
30.00 --- the contract low