May soybeans lost 7.00 cents on very heavy volume of 427,926 contracts. Volume was the highest in over one year. On February 27, total open interest declined by 14,723 contracts, which relative to volume is approximately 40% above average meaning that liquidation was substantial on the decline. The March contract lost 17,126 of open interest. May soybeans made a high of 14.45 1/2, which was its highest print since September 9 when the high on the continuation chart was $14.48 3/4. The market made its high in a 15 minute period between 6:30 AM and 6:45 a.m CST. For the rest of the session, which encompasses about 2 hours and 45 minutes, the market traded sideways and then began to fall out of bed during the last hour. Soybeans did not get close to testing the high made earlier in the session. When we look at the parabolic move combined with the spike high on heavy volume, OIA thinks we have a tradable top in soybeans. With the key reversal day yesterday, we are confident that rallies will be met by nervous longs looking to exit the market, which will cap any substantial rally. Although we have not advocated bullish positions, if clients are long soybeans, we strongly advise them to take partial profits and tighten stops. Also, consider writing out of the money calls in soybeans. Soybeans remain on a short and intermediate term buy signal.