On May 6, the major currencies are rallying strongly. We will issue reports on these tomorrow.
July soybeans lost 7.50 cents on extremely light volume of 99,590 contracts. Remarkably, volume traded on May 5 was the lowest of 2014. On May 5, total open interest increased by 1251 contracts, which relative to volume is approximately 45% less than average. However, this is bearish. The May contract lost 1,497 of open interest and July -732, which makes the total open interest increased more impressive (bearish). There was light volume on the decline, which indicates participation was low and the open interest increase tells us that some participants are getting increasingly bearish. Our conclusion is that soybean prices have further to fall. As this report is being compiled on May 6, July soybeans are trading 9.50 cents lower and have made a new low for the move at 14.43 1/4. In order for July soybeans to generate a short-term sell signal, the high of the day must be below OIA's key pivot point of 14.58. Stand aside.