Abstract: A valve assembly for preventing a column of drilling fluid from spilling out of the lower end of a kelly includes an elongated body which has an axial opening and is threaded at both ends. A cam is rigidly mounted in the bore and a hollow piston in the opening is mounted for axial movement relative to the cam, the piston being shaped so that fluid pressure in the body will exert a downward force on the piston. A valve element is pivotally mounted in the piston (the piston inner surface defining a valve seat) and movable between a lower-closed position when the valve element is above the cam and engages the seat to an upper-open position where the cam engages the valve element and holds it away from the seat. A spring urges the valve element toward the closed position and the piston is urged upwardly in the bore so that the valve element is normally in its closed position.