Caught the soybean rally on Thursday - bean oil really led the charge this time around. Raw soybeans closed up between 3 and 9 3/4 cents, with the nearby contracts showing the most strength. The cash bean average hit $11.05 1/2, up 9 3/4 cents on the day. Soybean meal got hit a bit though, down 50 cents to $2.40, but soy oil more than made up for it with gains of 67 to 223 points in the front months.

Crude couldn't hold above $80 but still managed a $4.23 gain, which helped the whole complex. Word is Secretary Bessent is pushing China to buy more US soybeans ahead of the Trump/Xi meeting coming up later in March - that's definitely supporting the narrative here.

USDA export numbers showed 383,492 MT of soybeans moved last week, down 5.8% week-over-week but 31% higher than a year ago. China picked up 153,100 MT, and there was some shuffling with 133,000 MT coming from unknown origins. Netherlands took 133,000 MT and Egypt grabbed 110,400 MT. Soybean meal sales hit 255,760 MT, right in the middle of expectations.

Brazil's looking solid - AgroConsult bumped their soybean crop estimate to 183.1 MMT, up 0.85 MMT from before. February exports from Brazil tripled versus January and are running 10.66% ahead of last February. Argentina's soybeans sitting at 30% good/excellent condition according to Buenos Aires Grains Exchange.

Canada released their 2026 planting intentions this morning - canola came in at 21.84 million acres, a bit light of the 22.3 million estimate but still up 1% year-over-year. Soybean acres looking at 5.89 million, up 108,000 from last year.

Closing prices: March soybeans at $11.63 3/4 (up 9 1/4 cents), May at $11.79 1/4 (up 9 3/4 cents), July at $11.92 1/2 (up 9 1/2 cents). Market's definitely pricing in some optimism on the demand side.