Indian soyoil rises on strong CBOT futures

NEW DELHI: Indian soyoil futures were on track to close higher on Monday, boosted by strong performance in related oils overseas.

Soybean oil on the CBOT rose 1.2 percent on Monday after the US Department of Agriculture reported lower-than-expected estimates for plantings and soybean stocks.

In other related oils, the September soybean oil on the Dalian Commodity Exchange was up as much as 1.3 percent, while the Malaysian palm closed 1.8 percent higher.

Indian July soyoil futures were up about 1 percent at 646.50 Indian rupees ($9.97) on the National Commodities and Derivatives Exchange at 1317 GMT, while July soybean closed 2.4 percent higher at 2,921 rupees per 100 kg.

India's June rapeseed futures closed 0.3 percent lower at 3,599 rupees.