March soybeans advanced 27 cents on volume of 258,749 contracts. Volume exceeded 253,067 contracts that were traded on January 11, but fell short of volume on December 20 of 299,585 contracts. March soybeans reached their highest level since December 18, when they made a high of 14.93 3/4. On January 30, open interest increased by a massive 13,253 contracts, which in relation to volume is approximately 90% above average, meaning that new longs were entering the market and pushing prices significantly higher. From January 18 through January 30, open interest has increased by 50,784 contracts while March soybeans have advanced 48.50 cents. Open interest and price action continue to act in a bullish congruent fashion. The USDA released its export sales for soybeans and for the 2012-2013 season came in at 386,000 tons. As is usually the case after generating a buy signal, soybeans are pulling back and are trading 16.50 cents lower on January 31.