September soybeans gained 62.50 cents and November advanced by 61.50 on total volume of 359,207 contracts. Volume was the highest since February 22, 2013 when 393,491 contracts were traded and September soybeans closed at $13.18. Remarkably, total open interest declined by 3,995 contracts, which relative to volume is approximately 50% below average. The September contract accounted for loss of 5599 of open interest. During the past 2 trading sessions, September soybeans have advanced $1.05 3/4, but total open interest has declined by 2,652 contracts. This is very bearish open interest action relative to a large advance over 2 days. In short, it signifies that market participants are unwilling to make new commitments at ever-increasing prices. Clients must always be aware of spikes in volume and/or open interest, and the volume on August 26 indicated a lot of participation but the dominant action was one of liquidation. The market is overbought by any stretch, and we expect it to setback, perhaps sharply, however, the move probably is not over. If soybeans continue to advance as we expect, we will look for a massive increase of open interest on a new high for the move, which may signify a top. As this report is being compiled on August 27, September beans are trading 0.25 cents higher and the November contract, 3.00 lower. The September contract has made a new high for the move at $14.49 while November's high is $14.0 9 1/2. Soybeans remain on a short and intermediate term buy signal. Do not chase the market higher.