Soybean prices saw gains in Wednesday trading, with contracts settling 3 to 7 ¼ cents higher. The national average Cash Bean price was up 4 cents at $9.70 1/2. Soybean meal futures closed up 80 cents to $1.20, while Soy Oil futures were down 2 to 22 points. 47 deliveries were issued against soybeans overnight, with 7 for January bean oil.

A private export sale of 334,000 MT of soybeans to China was reported by the USDA this morning. NOPA data will be released on Thursday, with traders expecting a total of 224.8 million bushels of soybeans crushed in December. Export Sales data will also be released on Thursday, with analysts predicting between 0.8-1.8 MMT in soybean sales.

Chinese soybean imports in December totaled 8.04 MMT, up 1.3% from the same month last year. Soybean futures closed at $10.30 1/2 for Jan 26, up 7 1/4 cents, while Nearby Cash was $9.70 1/2, up 4 cents. Mar 26 Soybeans closed at $10.42 1/2, up 3 3/4 cents, and May 26 Soybeans closed at $10.55, up 3 cents.

Read more at Yahoo Finance: Soybeans Close Wednesday with Gains