We will provide an analysis of the crop production and supply demand in tomorrow's report.
September soybeans lost 9.25 cents on volume of 109,009 contracts. Total open interest increased by 7,026 contracts, which relative to volume is approximately 145% above average, meaning that new longs and shorts were aggressively entering the market and shorts were driving prices lower. The August contract lost 398 of open interest. As this report is being compiled on August 12, September soybeans are trading 23.75 cents higher and have made a new high for the move at $12.58 1/4. Soybeans remain on a short and intermediate term sell signal.