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Technical Analysis:�Soy Complex, Grain�Futures

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By Jim Wyckoff

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JANUARY SOYBEANS

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January soybeans on Friday again closed steady and near the session high.
Prices closed at a bullish weekly and monthly high close. Soybean bulls have
the solid near-term technical advantage. A four-month-old uptrend is in
place on the daily bar chart. The next near-term upside technical objective
for the soybean bulls is pushing and closing January prices above major
psychological resistance at $13.00 a bushel. The next downside price
objective for the bears is pushing and closing prices below solid technical
support at last week's low of $11.76 1/2. First resistance for November
soybeans is seen at last week's contract high of $12.48 3/4 and then at
$12.60. First support is seen at Friday's low of $12.25 then at $12.13.

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$12.48 3/4 --- the contract high
$12.20 1/2 --- 10-day moving average
$11.78 3/4 --- 20-day moving average
$11.29 1/4 --- 40-day moving average
$8.17 -------- the contract low

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DECEMBER SOYBEAN MEAL

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December soybean meal on Friday closed firmer and nearer the session high.
Prices also closed at a bullish weekly high close. The meal bulls have the
solid near-term technical advantage. The next upside price objective for the
bulls is to produce a close above solid technical resistance at $350.00. The
next downside price objective for the bears is pushing and closing prices
below solid technical support at $323.00. First resistance comes in at last
week's high of $340.40 and then at $342.50. First support is seen at $335.00
and then at $332.50.

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$383.00 --- contract high
$333.90 --- 10-day moving average
$324.40 --- 20-day moving average
$314.30 --- 40-day moving average
$236.70 --- the contract low

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DECEMBER SOYBEAN OIL

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December soybean oil on Friday closed weaker and near mid-range. Bean oil
bulls still have the solid 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 50.20 cents. Bean
oil bears' next downside technical price objective is pushing and closing
prices below solid technical support at 48.00 cents. First resistance is
seen at 49.50 cents and then at Friday's high of 49.75 cents. First support
is seen at 49.00 cents and then at Friday's low of 48.79 cents.

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70.00 --- the contract high
48.74 --- 10-day moving average
47.29 --- 20-day moving average
45.11 --- 40-day moving average
31.80 --- the contract low

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DECEMBER CORN

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December corn on Thursday closed firmer, near the session high and closed at
a bullish weekly and monthly high close. Corn bulls have the solid overall
near-term technical advantage. Prices are in a four-month-old uptrend on the
daily bar chart. Corn bulls' next upside price objective is to push and
close prices above psychological resistance at $6.00 a bushel. The next
downside price objective for the bears is pushing and closing prices below
solid technical support at $5.42 3/4. First resistance for December corn is
seen at last week's high of $5.85 1/4 and then at the October high of $5.88.
First support is seen at $5.80 and then at $5.75.

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$7.05 -------- the contract high
$5.67 3/4 ---- 10-day moving average
$5.49 1/2 ---- 20-day moving average
$5.20 3/4 ---- 40-day moving average
$3.43 1/4 ---- the contract low

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DECEMBER CBOT WHEAT

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December Chicago wheat on Friday closed slightly lower and near mid-range
after hitting a fresh three-week high early on. Wheat bulls still have the
near-term technical advantage. Wheat bulls' next upside price objective is
to push and close Chicago SRW prices above solid resistance at the October
high of $7.39 3/4 a bushel. The next downside price objective for the wheat
futures bears is pushing and closing prices below solid technical support at
$6.65. First resistance is seen at Friday's high of $7.25 and then at $7.30.
First support lies at Friday's low of $7.11 1/4 and then at $7.00.

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$10.38 1/4 --- the contract high
$6.88 3/4 ---- 10-day moving average
$6.88 1/4 ---- 20-day moving average1
$7.02 -------- 40-day moving average
$4.72 3/4 ---- the contract low

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DECEMBER KCBT WHEAT

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December KCBT wheat on Friday closed slightly lower and near mid-range after
hitting a fresh six-week high early on. Bulls have the solid near-term
technical advantage. Bulls' next upside price objective is pushing and
closing prices above solid technical resistance at the September high of
$7.78. The bears' next downside objective is pushing and closing prices
below solid technical support at $7.13. First resistance is seen at the
September high of $7.78 and then at $7.85. First support is seen at $7.65
and then at $7.54.

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$10.35 ------ the contract high
$7.37 ------- 10-day moving average
$7.31 3/4 --- 20-day moving average
$7.38 1/2 --- 40-day moving average
$4.85 3/4 --- the contract low