July soybeans lost 21.75 cents on remarkably low volume of 123,132 contracts. Volume was dramatically below that of May 9 when July soybeans advanced 17.50 cents on total volume of 172,535 contracts and total open interest increased by 773 contracts. On May 12, total open interest declined by a minuscule 714 contracts, which relative to volume is approximately 70% below average.The May contract lost 433 of open interest and the new crop November contract gained 2,442 of open interest. As this report is being compiled on May 13, July soybeans are trading 16.25 cents higher and have made a high of 14.85. In order for July soybeans to reverse the short-term sell signal generated on May 7, the low of the day must be above OIA's key pivot point of $14.82 1/2. We have no recommendation.