September soybeans lost 13.75 cents and the November contract lost 19.00 on total volume of 281,100 contracts. Total open interest increased by 4,993 contracts, which relative to volume is approximately 25% less than average. The September contract accounted for loss of 2,828 of open interest. Both September and November beans made new highs for the move at $14.49 and 14.09 1/2 respectively. As mentioned in yesterday's report, it is apparent based upon price and open interest action that market participants do not believe in the rally, which leads us to believe that soybeans are headed higher. Although the Brazilian crop promises to be a large one, the US crop looks to be smaller than previously anticipated. Additionally, there is short-term tightness with respect to current available US supplies. Soybeans remain on a short and intermediate term buy signal.