July soybeans advanced 17.50 cents on fairly heavy volume of 172,535 contracts. Volume with the highest since May 1 when 189,404 contracts were traded and July soybeans lost 51.75 cents while total open interest declined by 10,635 contracts. On May 9, total open interest increased by a paltry 773 contracts, which relative to volume is approximately 80% below average. The May through July 2014 contracts lost a total of 3,435 of open interest, but this was offset by a 4,023 contract increase in the November contract. The November contract advanced 2.25 cents on Friday. The liquidation in the July contract (-2797) as prices moved higher on the USDA WASDE report portends lower prices. As this report is being compiled on May 12, July soybeans are trading 16.50 cents lower and have made a daily low of 14.63 1/2. As the weekend report stated, the daily low in July soybeans would have to be above $14.82 before reversing the short-term sell signal. We thought it was possible that a follow through rally would occur on Monday accompanied by a disappointing close.Stand aside.