Crop Progress data from NASS on Monday afternoon showed soybean conditions down 1% to 69% gd/ex, with the Brugler500 index dropping back 3 points to 375 on a 1% move from good to very poor. IL saw a 7 point drop, with NE down 5, MO slipping 4, and IA down 2. Improvement was noted in IN and MN, up 3, with OH up 1 and the Dakotas up 2 to 3. Soyoil futures also extended losses amid a sharp decline in crude prices, contributing to pull the bean market lower. CME soybean futures moved sideways near $12.11 as traders awaited USDA acreage update. Recent speculative flows suggest a possible volatility spike following report release, making options strategies popular this week.
