By Jim Wyckoff

  DOW JONES NEWSWIRES

   DECEMBER CORN


  December corn on Friday closed lower and nearer the session low. Prices also
closed at a bearish weekly low close. The bearish weekly low close does now
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 Friday's high of $3.35 1/2 and
then at $3.39. First support is seen at Friday's low of $3.25 1/2 and then at
$3.20.

$7.07 

 the contract high
$3.41 3/4 --- 10-day moving average
$3.37 
--- 20-day moving average
$3.51 1/4 --- 40-day moving average
$3.14 3/4 --- the contract low

   DECEMBER CBOT WHEAT


  December Chicago wheat on Friday closed fractionally higher and nearer the
session high. Prices did set another fresh two-plus year low on Friday. 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. The bulls' next upside price objective is to push and close
July futures prices above solid technical resistance at $5.40 a bushel. First
resistance is seen at Friday's high of $5.14 1/4 and then at last week's high
of $5.26 3/4. First support lies at $5.00 and then at $4.85.

$11.50 1/2 --- the contract high
$5.31 3/4 --- 10-day moving average
$5.41 1/2 --- 20-day moving average
$5.55 1/4 --- 40-day moving average
$4.91 

 the contract low

   DECEMBER KCBT WHEAT


  December KCBT wheat on Friday closed slightly lower, near mid-range and set a
fresh contract low. Prices also closed at a bearish weekly low close. The 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 Friday's high of $5.29 1/2 and
then at $5.36 1/2. First support is seen at Friday's contract low of $5.18 and
then at $5.10.

$11.35 
-- the contract high
$5.51 3/4 --- 10-day moving average
$5.62 1/4 --- 20-day moving average
$5.77 1/2 --- 40-day moving average
$5.18 
--- the contract low