Indian soyoil futures rise

Indian soyoil futures rose on Tuesday tracking rival palm oil in Malaysia, and driven up by concerns of a supply squeeze following a lower than expected US soybean crush in March. At 4:15 pm (1045 GMT), the April contract on the National Commodity and Derivatives Exchange was up 1.16 percent at 585.50 rupees ($14.6) per 10 kg. May futures had risen 1.92 percent to 587 rupees.
The US-based National Oilseed Processors Association reported on Monday its members crushed 148.165 million bushels of soybean in March, below the average trade estimate for 150.9 million. "Domestic supplies are now very thin and prices in India will depend upon the international dynamics, which are bullish," an analyst at IL&FS Investsmart Commodities Ltd said.