DTN Closing Grain Comments 12/17 13:46

DTN Closing Grain Comments 12/17 13:46 January Soybeans Set New Contract Low as Weakness Plagues Ag Commodities Ag markets suffered losses across the board Tuesday, led by the soybean complex as both soybean and soy oil prices slipped further lower following technical breaks Monday. Soybean oil was pressured by an overall weak vegetable oil marketplace as palm oil futures continue to correct lower following a late November surge which was exhausted early last week. Outside market influence was also negative with the Dow Jones Industrial Average working toward a ninth consecutive session lower following all-time highs hit in early December. Barring a late session turnaround, it will be the first nine-day loss streak for the DJIA since 1978. Crude oil is also faltering off range resistance hit Friday and Monday, which pressured ag markets as well. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: March corn closed down 1 1/2 cents and May corn was down 1 3/4 cents. January soybeans closed down 5 1/4 cents and March soybeans were down 7 1/4 cents. March KC wheat closed down 6 3/4 cents, March Chicago wheat was down 5 cents and March Minneapolis wheat was down 5 1/4 cents.