Soybeans closed slightly higher at the Chicago Board of Trade on Tuesday, supported by the appreciation of soybean oil. The July contract closed up 0.12% at US$1,072.50 per bushel, while the August contract rose 0.19% to US$1,070.25. However, soybean meal fell 1.61% to close at US$293.30 per short ton. Soybean oil rose significantly by 3.13% to US$51.48 per pound, boosted by the approval of a bill that extends tax credits for investments in biofuels in the US House of Representatives. The market closed the day with only slight increases in the main contracts, with expectations now revolving around the processing of the bill in the US, which may continue to support soybean oil prices.