November soybeans advanced 5.75 cents on volume of 217,956 contracts. Volume increased approximately 7,000 contracts from October 1 when November soybeans lost 14.75 cents and open interest declined 5,639 contracts. On October 2, total open interest declined by 205 contracts, which is minuscule and dramatically below average. As this report is being compiled on October 3, November beans are trading 12.50 cents higher and have made a high of $12.89 3/4. As we stated in the October 1 report: "Considering that the long to short ratio of managed money is at a stratospheric 9.52:1 according to the latest COT report, much more liquidation is ahead. Because it is likely there are large numbers of longs at higher levels, any rally will be met by longs looking to trim their losses. Conceivably, November beans could rally to the $13.00 level, but we think it will struggle beyond this point." Soybeans remain on a short-term sell signal, but in intermediate term buy signal.