September soybeans lost 5.00 cents on volume of 147,039 contracts. Total open interest increased by 2,154 contracts, which relative to volume is approximately 40% below average. The September contract accounted for loss of 1,905 of open interest. As this report is being compiled on August 19, September soybeans are trading 29 cents higher and the November contract +33.50. It is highly likely that November soybeans will generate a short and intermediate term buy signal on August 19. The September contract will likely generate a short-term buy signal. We have been warning clients to avoid the short side of the market because the critical growing season is just ahead and supplies remain tight. Despite this, managed money remains net long by 1.85:1, but this is the lowest ratio of the past several weeks. In summation, managed money shorts will add fuel to the rally. Two weeks ago, the number of net longs was 2.78:1.