Indian oilseeds and soyaoil futures rose on Wednesday on good demand for edible oils in spot markets due to upcoming festivals and as gains in overseas markets buoyed sentiment. In the next few weeks, India will celebrate the festivals of Dussehra and Diwali, a time when edible oil demand goes up.
Malaysian palm oil futures rose more than 1 percent, supported by better-than-expected export data and as traders cited an oversold market. At 12:01 GMT, the key September soyaoil contract on the National Commodity & Derivatives Exchange was up 0.68 percent at 607 rupees per 10 kg.
The key October soyabean contract closed 0.77 percent higher at 3,256 rupees per 100 kg, while the September rapeseed contract finished up 1.3 percent at 3,583 rupees per 100 kg. Oilseeds and soyaoil futures are likely to open higher on Thursday.