September soybeans lost 5.25 cents on volume of 139,951 contracts. Total open interest increased by 1,984 contracts, which relative to volume is approximately 40% below average. The August through November contracts lost a total of 2,725 of open interest, which makes the total open interest increase more impressive (bearish). On August 5, September beans made a new low for the move the $11.86 1/2. As this report is being compiled on August 6, September soybeans are trading 13.00 cents lower. Soybeans remain on a short and intermediate term sell signal. Although soybeans can certainly continue lower, we think that a short covering rally is likely to be on the horizon and discourage clients from entering new short positions at current levels.