July soybeans lost 5.25 cents on very light volume of 101,386 contracts. Total open interest declined by 4,228 contracts, which relative to volume is approximately 55% above average meaning that liquidation was fairly substantial on the modest decline. The July contract accounted for loss of 5,857 of open interest. As this report is being compiled on May 19, July soybeans are rallying 19.75 cents after making a new low for the move at $14.56 1/4. Remember, in order for soybeans to resume its advance to new highs, the market must make a low above OIA's key pivot point of 14.83 1/2. Soybeans remain on a short term sell signal, but an intermediate term buy signal. Stand aside.