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Soy prices are running hot this week, with beans up solid in the front months. Caught another good rally on the day - we're talking 18-20 cents higher, which is solid action for a commodity like this. Cash bean prices sitting around 11.24 is pretty interesting given where we've been.
What's catching my attention on the soybeans news side is the export data. We're only at 84% of the USDA estimate for export commitments, which is actually lagging the normal pace. Shipments are tracking at 61% - that's behind the typical 78% we usually see. So there's some disconnect happening there.
Brazil's crop numbers keep ticking up too. AgroConsult just bumped their estimate to 183.1 MMT, and February exports out of Brazil were massive - more than triple January. Argentina's conditions are holding steady at 30% good/excellent.
Crude oil spillover is helping the soybean market here, up about 10 bucks. Soy meal and oil are both moving higher with beans. The supply dynamics are worth watching - could be another driver for soy market moves ahead.