Soybeans: On May 22, July soybeans generated a short-term buy signal, which reversed the short-term sell signal generated on May 7. July soybeans remain on an intermediate term buy signal.
July soybeans advanced 13.50 on heavy volume of 229,996 contracts. Surprisingly, volume was significantly higher than on May 21 when July soybeans advanced 35.50 cents on volume of 154,518 contracts and total open interest increased by 4,905 contracts. Additionally, total volume was the highest since April 25 when 247,971 contracts were traded and July soybeans closed at $14.94 1/4. On May 22, open interest increased by 6,113 contracts, which relative to volume is average. The July contract accounted for loss of 371 of open interest.