September and November soybeans each lost 12.75 cents on volume of 180,982 contracts. Open interest declined 2,749 contracts, which relative to volume is approximately 40% less than average. The September and November contracts lost 1,022 of open interest. The modest open interest decline accompanied by a decline in soybean prices is positive open interest action. On August 19, November soybeans generated a short and intermediate term buy signal and on the same date, September soybeans generated a short-term buy signal, but not an intermediate term buy signal. We were looking for another pullback day, before recommending bullish positions, but on August 21, September soybeans are trading 16 cents higher and have made a new high for the move at $13.35 3/4, while the November contract advanced 18.25 and has made a new high for the move of 13.19. Although it appears likely that soybeans are headed higher, it is difficult to determine a reasonable exit point in the event the trade goes awry. The growing season is ahead of us, which makes any side of the trade potentially hazardous, if a reasonable stop-loss cannot be found.