Soybean futures rose to contract highs on China sales.

November Soybean futures reached new contract highs, driven by strong new crop export demand and weather concerns as key growing regions face hot, dry conditions. While technical indicators show the market becoming overbought with the Relative Strength Index at 73%, weather-driven momentum could continue to influence price action. Traders are closely monitoring late-July and August weather forecasts, as moisture remains critical during this key growth stage. Demand from China remains a central driver, with weekly export sales showing 1.537 million metric tons in new crop purchases, reinforcing expectations that China will fulfill its multi-year purchasing commitments. Ted Seifried analyzes the latest supply, demand, and technical factors shaping the soybean market.