Bean oil is really carrying the soybean complex right now. Caught the Thursday action and soybeans were solidly higher, with the nearby contracts up between 3 and nearly 10 cents by close. The cash market for soybeans hit $11.05 1/2, up almost 10 cents, which is pretty decent movement. Bean oil futures were the real driver though, jumping 67 to 223 points in the front months. Soybean meal was the laggard, down 50 cents to $2.40, but that's how these things go sometimes.

The interesting part is what's happening behind the scenes. Bessent's been signaling that the US wants China to step up purchases of soybeans ahead of some high-level talks later this month. Meanwhile, USDA's export data showed 383,492 MT of soybeans moving last week, which is down 5.8% week-over-week but actually 31% above the same period last year. China picked up 153,100 MT, so there's definitely demand there. Bean oil sales came in at 7,662 MT, right in the middle of expectations.

On the supply side, Brazil's soybean crop is tracking at 183.1 MMT, slightly up from their previous estimate. They shipped out 7.113 MMT in February, which was more than triple what they moved in January. Argentina's crop conditions are holding at 30% good to excellent. Canada just released their 2026 planting intentions and canola came in lighter than expected at 21.84 million acres versus estimates around 22.3 million, though soybeans acreage is up modestly at 5.89 million.

Crude couldn't hold above $80 but still finished up $4.23 on the day. For soybeans specifically, the March contract closed at $11.63 3/4, up 9 1/4 cents, May at $11.79 1/4, up 9 3/4 cents, and July at $11.92 1/2, up 9 1/2 cents. Definitely a constructive tone in the complex right now, especially with some of these geopolitical trade signals in play.