September soybeans lost 21.50 cents on volume of 146,233 contracts. Total open interest declined by 609 contracts, which is minuscule and dramatically below average. The August contract lost 587 of open interest. During August 1 and 2, September soybeans have fallen 37 cents, yet open interest has declined only 31 contracts. With the current long to short ratio at 2.78:1, there is a significant amount of additional liquidation to occur as prices move lower. As this report is being compiled on August 5, September soybeans are trading 11.50 cents lower and have made a new low for the move at $11.86 1/2. Soybeans remain on a short and intermediate term sell signal. The market has cratered without so much as a technical rally. Although we think soybeans are headed lower, at technical rally can occur at any moment, which can make a solid position trade on the short side untenable due to an adverse move. Is important to remember that the key growing period for soybeans remains ahead.