July soybeans lost 15.50 cents on volume of 160,501 contracts. Volume fell from the 171,747 contracts traded on May 19 when July soybeans advanced 20.25 cents and total open interest increased by 8,687 contracts. On May 20, total open interest increased by 3,403 contracts, which relative to volume is approximately 15% below average. The July contract gained 1,244 of open interest and the July 2014 through July 2015 contracts all gained open interest. While an open interest increase on a price decline is usually bearish, we think that market participants got a little ahead of themselves and made the mistake of selling into the low-end of the trading range. July soybeans made a high of 15.01 and proceeded to sell off to the rest of the session and close lower on the day. This may have been viewed as a key reversal day by some market participants, but as this report is being compiled on May 21, July soybeans are trading 23.00 cents higher, and have taken out yesterday's high. July soybeans have yet to make a daily low above OIA's key pivot point of $14.84 1/8, but this is imminent and until this occurs, July soybeans will remain on a short-term sell signal.We think it is likely July soybeans will make new contract highs in the coming 30-45 days.We have no recommendation.