September soybeans gained 7.00 cents and the new crop November gained 10.50 on volume of 189,554 contracts. Volume increased approximately 50,000 contracts from August 29 when soybeans gained 30.75 and open interest declined by 1,098 contracts. On August 30, open interest increased by 6,374 contracts, which in relation to volume approximately 15% above average. This is a terrific performance considering that open interest in September soybeans lost 4,530 contracts. There was enough buying in the forward contracts to offset that open interest decline. September soybeans reached a new high of $17.80 3/4, which surpassed the July 20 high made in August soybeans of $17.77 3/4. However, September soybeans closed 10.50 off the high at $17.70 1/4. The November contract reached a new high of $17.71 1/4, and closed at $17.63 1/2. As indicated in yesterday’s report, export sales have been phenomenal and over 55% of the crop has been sold, despite the fact that the harvest hasn’t begun. Although the market will have setbacks, these may be shallow due to the very tight supply and the outsized demand. August 31 is first notice day, which means that speculators can no longer trade this contract. Beginning September 4, the November contract will be the new lead month.