This report will be truncated due to the government closure.
November soybeans declined 21.25 cents on volume of 261,209 contracts. Volume shrank approximately 20,000 contracts from October 10 when soybeans lost 0.25 cents and open interest increased 6,777 contracts. On October 11, total open interest increased by 8,274 contracts, which relative to volume is approximately 25% above average meaning that new shorts were entering the market and driving prices lower. However, it didn't take much of an increase of open interest to drive prices down to the July lows. The November contract lost 5,027 contracts of open interest, which makes the total open interest increase much more impressive (bearish). As this report is being compiled on October 14, November soybeans are trading 6.25 cents higher and have made a daily high of $12.80. Soybeans remain on a short-term sell signal, but an intermediate term buy signal. We would wait for further rally before contemplating the initiation of new bearish positions.