See on the daily bar chart that November soybean futures that prices have careened lower and on Thursday hit a nearly 10-month low. While the bears are in firm overall near-term technical control, the market is well overdone on the downside. See at the bottom of the chart that the Relative Strength Index (RSI) has moved to its lowest level in over a year. Any RSI number below 30.00 suggests a market is oversold and due for at least a corrective bounce. And don’t forget we are now into the growing season for U.S. soybeans, during which time weather market scares pop up quickly. Stay tuned!
