Soybeans are on a tear this Friday morning, up 7 to 11 cents so far and hitting fresh highs. Crude oil is lending a hand here, jumping another $5.32 and continuing to push commodities higher across the board. Yesterday saw bean futures rally hard, with soy oil leading the charge. The raw beans closed up 3 to 9 3/4 cents, and open interest jumped 7,487 contracts. Soy meal took a hit though, down 50 cents to $2.40, while soy oil is the real winner up 67 to 223 points in the front months. There's been solid delivery activity too, with 9 deliveries against March beans and 50 against March meal overnight.

On the demand side, things are looking decent. USDA's weekly export report showed 383,492 MT of soybeans sold for the week ending 2/26, down 5.8% week-over-week but still up 31% year-over-year. China picked up 153,100 MT of that, while other buyers across different districts and regions grabbed their share, including 133,000 MT to the Netherlands and 110,400 MT to Egypt. That's the kind of diversified buying you like to see. Cash beans are now sitting at $11.05 1/2, up 9 3/4 cents.

Looking at the bigger picture, Brazil's soybean crop is tracking at 183.1 MMT, ticking up 0.85 MMT from earlier estimates. Their February exports hit 7.113 MMT, more than triple what they shipped in January and up 10.66% versus last February. Argentina's crop is holding at 30% good to excellent condition according to the Buenos Aires exchange. Meanwhile, Canada just released planting data showing canola acres coming in lighter than expected at 21.84 million versus 22.3 million estimate, though soybean acreage is up 108,000 acres year-over-year. Between the supply tightness, strong export demand, and crude oil support, beans have room to run here.