By Jim Wyckoff

  DOW JONES NEWSWIRES

   NOVEMBER SOYBEANS


  November soybeans on Friday closed sharply lower, near the session low and
hit hit a fresh two-week low. Prices also scored a bearish weekly low close and
saw a bearish downside "breakout" from the recent sideways trading range at
higher price levels. Significant near-term chart damage has been inflicted. The
next upside price objective for the bean bulls is to push and close November
prices above major psychological resistance at $10.00 a bushel. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at $9.40 a bushel. First resistance for November
soybeans is seen at $10.00 and then at $10.05. First support is seen at
Friday's low of $9.78 3/4 and then at $9.60.

$15.57 1/2 --- the contract high
$10.26 3/4 --- 10-day moving average
$9.77 3/4 --- 20-day moving average
$9.66 3/4 --- 40-day moving average
$6.70 
--- the contract low

   DECEMBER SOYBEAN MEAL


  December soybean meal on Friday closed solidly lower, near the session low,
hit a fresh three-week low and closed at a bearish weekly low close.
Significant chart damage occurred on Friday. The bears now have fresh downside
near-term technical momentum. The next upside price objective for the bulls is
to produce a close above solid technical resistance at $310.00. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at the July low of $266.90. First resistance comes in
at $295.00 and then at $300.00. First support is seen at Friday's low of
$289.40 and then at $285.00.

$399.00 --- contract high
$310.10 --- 10-day moving average
$296.20 --- 20-day moving average
$295.90 --- 40-day moving average
$203.30 --- the contract low

   DECEMBER SOYBEAN OIL


  December soybean oil on Friday closed lower and nearer the session low. Bulls
are fading. However, no serious chart damage has occurred. The 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 last week's high of 39.70 cents. The bean oil bears' next
downside technical price objective is pushing and closing prices below solid
technical support at last week's low of 36.75 cents. First resistance is seen
at 38.00 cents and then at 38.50 cents. First support is seen at Friday's low
of 37.56 cents and then at 37.00 cents.

70.00 --- the contract high
38.10 --- 10-day moving average
36.59 --- 20-day moving average
36.06 --- 40-day moving average
30.00 --- the contract low