Soybeans are overbought and likely to correct soon, according to James Dima, technical analyst at Marex Spectron.

Looking at a weekly continuation Chart of Soybeans, Dima notes the RSI (lower pane, purple line) is currently over 85. He says this is a rare occurrence and should be a red flag to longs. This is only the third time since 2008 (purple vertical lines) that the market has been as technically overbought.

See Chart.