Just noticed soybeans are having another solid rally day, pushing up around 18-20 cents in the front months. The cash bean price hit $11.24 1/4, up nearly 19 cents. Soymeal and soy oil are following along nicely too - meal's up $7.50 to $8.50 and oil's gaining 45-60 points. Crude oil's still providing that spillover support, up over $10 at midday which is helping the complex.

What's interesting is looking at the export picture. Soybean shipments are tracking at 61% of USDA's number, which is lagging that typical 78% pace. Export commitments are at 36 MMT, sitting at 84% of the USDA estimate versus the normal 92% average. So there's still some room there.

Brazil's crop situation is pretty solid - AgroConsult bumped their estimate up to 183.1 MMT, and they just shipped 7.113 MMT in February, which is way ahead of January's pace. Argentina's soybeans are holding at 30% good/excellent condition according to Buenos Aires exchange.

Mar soybeans at $11.82 up 18 1/4, May at $11.98 1/4 up 19, Jul at $12.10 3/4 up 18 1/4. The rally's pretty broad-based across the curve. Worth keeping an eye on how export pace picks up with these higher prices.