May soybeans lost 2.50 cents on light volume of 182,537 contracts. Total open interest declined by 8,443 contracts, which relative to volume is approximately 75% above average meaning that liquidation was heavy on a rather modest decline. The March contract lost 1,385 of open interest, May -6915, July -2538. In short, liquidation was in evidence across the board. Since February 26, open interest has declined every day, regardless of whether the market advanced or declined. We see this as confirmation that soybeans are in a topping process and that many market participants are not waiting for the next shoe to drop.