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Soybean futures are trading higher this morning, with July and August showing double digit gains. The soy complex was quite volatile on Tuesday. The range for July beans was more than 25 cents, and July meal had a trading range of $14 before finishing $1.20/ton higher. We note there are only three trading days left in the month, and the longs from early May are still looking at solid profits, even at Tuesday’s low. Preliminary open interest for beans was up 14,144 contracts, net new selling. National average basis (front month futures minus the DTN national average cash soybean price) is 3 1/4 cents stronger than it was on the first day that July was the lead contract. The national average cash price is nearly a dollar higher than it was a year ago.