September soybeans lost 14 cents on volume of 132,619 contracts. Total open interest increased by 2,238 contracts, which relative to volume is approximately 30% less than average. The August and September contracts lost a total of 519 of open interest, which makes the total open interest increase more impressive (bearish). During the past 2 days, September soybeans have declined 19.25 cents while open interest has increased 4,222 contracts, which is bearish open interest action relative to the price decline. It is important to remember that managed money is long soybeans by nearly a 3 to 1 ratio, which means until the ratio declines significantly, there is more liquidation ahead.