There has been much said about the recent flight of managed money from grain and soy futures markets in search of greener pastures, and the record setting U.S. stock market certainly has provided one. Long liquidation by non-commercials has kept the soybean futures market under pressure during the last three to four weeks even though there is nothing to suggest that there has been any real relief for the extraordinarily tight supply and demand balance for physical soybeans during the last six months of the 2012/13 soybean crop year ending 31 August. Non-commercial liquidation of long soybean futures positions undoubtedly has dampened some of the market impact of the tight supply situation, much to the frustration of some market fundamenta...