May soybeans gained 7.75 cents on volume of 200,068 contracts. Open interest increased by 3,239 contracts, which in relation to volume is approximately 40% below average. The March contract lost 11,793 of open interest, but open interest increased in the May 2013 through July 2014 contracts. Export sales for beans totaled 689 thousand tons, which is above the average sales for the season to date, and is dramatically above the USDA sales projection for the crop year. For the past 4 trading sessions beginning on February 22, open interest has been acting in a bullish congruent fashion on price declines or advances. As this report is being compiled, May soybeans are trading 21.75 cents higher. Soybeans are on a short term buy signal, but an intermediate term sell signal.