July soybeans advanced 18.50 cents on very light volume of 98,761 contracts. Total open interest increased by 3,968 contracts, which relative to volume is approximately 55% above average meaning that new longs were aggressively entering the market and driving prices higher. The May contract lost 384 of open interest. As this report is being compiled after the close of trading on May 14, July soybeans have recovered nicely from the early lows and look to close fractionally higher on the day. As we said in yesterday's report, for July soybeans to generate a short-term buy signal, which would reverse the short-term sell signal generated on May 7 , the low for the day must be above 14.82 1/2. Based upon the way soybeans are trading, we look for the market to continue to move higher.However, July soybeans remain on a short term sell signal as of the May 14 close.