Soybean futures rebound as new crop export sales surge.

November Soybean futures closed slightly higher on Thursday, recovering 17'2 off intraday lows after pulling back early in the session. Technical indicators show the contract approaching overbought territory with the Relative Strength Index at 71%, as prices trade near the upper resistance level of a multi-month trend channel established in January. Fundamentally, market focus remains on trade activity with China and Midwest weather conditions. Total U.S. soybean purchases by China are estimated between 8.5 million and 10.5 million metric tons ahead of the new marketing year. Weekly USDA data showed robust new crop export sales of 2.478 million metric tons, driven by over 1 million metric tons committed to China and another 1 million to unknown destinations.