Nearby corn contracts reach the $7 mark, again

The soybean complex closed mostly higher. May soybeans closed 19 and 1/4 cents higher at $16.68 and 1/4, July beans closed 21 and 1/4 cents higher at $16.47 and 1/4. Soybean meal closed $3.90 lower at $474.10 and soybean oil closed 108 points higher at $74.63. Soybean oil is following the crude oil market which has been moving lower most of the week but is rebounding today watching ongoing Russian – Ukrainian tensions. Soybean meal is lower with concerns of crush facilities being shut down in China due to COVID-19.

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