By Jim Wyckoff

  DOW JONES NEWSWIRES


  DECEMBER CORN


  December corn on Thursday closed weaker and near the session low. The key
"outside markets" were bullish for corn, as crude oil and U.S. stock index
prices were higher, while the U.S. dollar was weaker. Yet, corn couldn't
benefit 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 the
contract low, or below. The bears do still have the solid near-term technical
advantage at present. The corn bulls' next upside price objective is to push
prices above solid technical resistance at $3.50 a bushel. The next downside
price objective for the bears is to push and close prices below solid technical
support at the contract low of $3.14 3/4 a bushel. First resistance for
December corn is seen at $3.39 and then at Thursday's high of $3.45. First
support is seen at $3.30 and then at $3.25.

$7.07 

 the contract high
$3.43 3/4 --- 10-day moving average
$3.37 1/4 --- 20-day moving average
$3.53 3/4 --- 40-day moving average
$3.14 3/4 --- the contract low


  DECEMBER CBOT WHEAT


  December Chicago wheat on Thursday closed lower, nearer the session low and
closed at a fresh two-plus year low close. The key "outside markets" were
bullish for wheat, as crude oil and U.S. stock index prices were higher, while
the U.S. dollar was weaker. Yet, wheat could get no traction, which is a
bearish clue. Wheat bears still have the solid overall near-term technical
advantage. Prices are in a 10-week-old downtrend on the daily bar chart. The
next downside price objective for the bears is pushing and closing prices below
major psychological support at $5.00. Bulls' next upside price objective is to
push and close December futures prices above solid technical resistance at
$5.60 a bushel. First resistance is seen at this week's high of $5.26 3/4 and
then at the July low of $5.32 3/4. First support lies at this week's low of
$5.03 1/2 and then at $5.00.

$11.50 1/2 --- the contract high
$5.36 1/2 --- 10-day moving average
$5.44 1/2 --- 20-day moving average
$5.57 3/4 --- 40-day moving average
$4.91 

 the contract low


  DECEMBER KCBT WHEAT


  December KCBT wheat on Thursday closed lower, near the session low and closed
at a fresh contract low close. Bears still have the solid near-term technical
advantage. Prices are in a 10-week-old downtrend on the daily bar chart. The
bulls' next upside price objective is pushing prices above solid technical
resistance at $5.60. The bears' next downside objective is pushing and closing
prices below major psychological support at $5.00. First resistance is seen at
Thursday's high of $5.35 1/2 and then at $5.44. First support is seen at
Thursday's contract low of $5.25 and then at $5.20.

$11.35 
-- the contract high
$5.56 3/4 --- 10-day moving average
$5.65 1/4 --- 20-day moving average
$5.80 1/2 --- 40-day moving average
$5.33 1/2 --- the contract low