Caught the bean rally on Thursday - soybeans were up around 7-8 cents with bean oil leading the charge. Another batch of 244 deliveries hit overnight, and the cash bean prices climbed to $11.03 1/4, up 7 1/2 cents. Pretty solid action considering soybean meal futures only moved 30 cents lower while bean oil futures jumped 184-215 points in the front months.

Crude oil's been a tailwind too, hovering near $80 and up almost $5 at midday. That spillover support is definitely helping the bean complex. There were 76 deliveries against March meal futures as well.

USDA export numbers came out for the week ending 2/26 - 383,492 MT of soybeans sold, which was on the lighter side compared to estimates. Down 5.8% week-over-week but still 31% above last year. Bean oil sales were 7,662 MT, right in the middle of the range. Soybean meal hit 255,760 MT.

On the supply side, Brazil's soybean crop got bumped up to 183.1 MMT, and Canada's planting data shows canola acres coming in lower than expected at 21.84 million. Soybean acreage in Canada ticked up to 5.89 million acres though.

Mar 26 beans closed at $11.62 1/4, up 7 3/4 cents. May sitting at $11.76 1/2 and Jul at $11.90, both up 7 cents. Worth watching how the bean complex holds these levels.