Soybeans closed higher with front months up 3 to 4 cents at the end of the session, leading to a 10 cent increase for March. Cash bean prices rose to $9.98 ¾ on average. Soymeal futures also saw gains, with a $9.90 increase for March. Soy oil futures were up 5 to 21 points, with March rising 138 points.

Export Sales data revealed a marketing year high in soybean sales at 2.45 MMT for the week of 1/15, showing an 18.6% increase from the previous week and a 63.97% increase from the same week last year. China was the largest buyer, purchasing 1.304 MMT, with unknown destinations and Egypt also making significant purchases.

Soybean meal sales were at 412,671 MT, falling within the estimated range of 200,000 to 500,000 MT for that week. Soybean oil sales reached 10,499 MT, falling within the 5,000-25,000 MT estimate range.

CFTC data indicated that spec traders in soybean futures and options reduced their net long position by 2,901 contracts to 10,060 contracts as of Tuesday.

March 26 Soybeans closed at $10.67 3/4, up 3 3/4 cents, while nearby Cash was $9.98 3/4, up 3 3/4 cents. May 26 Soybeans closed at $10.79 1/2, up 3 1/4 cents, and Jul 26 Soybeans closed at $10.92 1/2, up 3 1/2 cents.

Read more at Yahoo Finance: Soybeans Post Friday Gains