# March Soybeans: Bullish But Getting Overdone?

> March soybean futures reached their highest level in about six and a half months, supported by strong export sales, biofuel-driven soyoil demand and drought in Argentina. Brazil's crop is expected to be record large, and low Mississippi River levels are hampering US shipments. The chart is approaching overbought territory.

- Date: 2023-01-03 · published 2023-01-03T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/8618-march-soybeans-bullish-but-getting-overdone
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Strong US crush margins and biodiesel demand support soy and soyoil prices, but a record Brazilian crop could cap the rally. Mississippi River constraints could push USDA to cut US export forecasts.

## Read by commodity

- SBO: bullish ▲
- SOY: bullish ▲

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/Ag/blogs/technically-speaking/blog-post/2023/01/03/march-soybeans-bullish-getting

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.