Wheat futures bounce back as Black Sea tensions continue

The soybean complex traded lower Tuesday with softness hitting soy oil especially. May beans closed 11 and 3/4 cents lower at $16.58 and July beans were 11 cents lower at $16.35 and 3/4. Sharp drops for crude oil guided the market downward. Soybean exports are a mixed bag as there was a near record amount of delivery last week but lower inspections totals than average this week for new crop beans. Lower inspections coupled with fears of Chinese energy use concerns due to COVID related shutdowns could continue to weaken soybean futures throughout the week.

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