Soy futures technical charts suggest soy futures

Technical charts suggest soy futures are approaching resistance around $12.35, with the RSI near 68 indicating potential overbought conditions in the short term. The soy complex futures markets last week were hit by news that around 40 cargoes of Argentine soybeans were registered for export in November and December during the export tax suspension, mostly headed to China. However, it is important to note China typically buys around 90% of Argentina’s soybean exports. Total bookings so far still do not stray far from what is considered normal for Argentine exports. So, while Argentine soybean export sales increased markedly last week, total exports may not stray far from what was expected prior to the tax cut. China has shown a robust appetite for soybeans. While Argentina will supply short-term needs, global demand for soybeans will continue to grow and a tight U.S. balance sheet will persist. That’s a bullish longer-term element for the soybean markets. If you're new to futures, the courses below can help you quickly understand the Corn market and start trading. Soy futures have been underpinned by stronger Asian import demand, particularly from Indonesia and Vietnam, amid rising livestock feed requirements.