Indian soyoil surges tracking CBOT soyoil rally

Last Updated: Thu, Nov 24, 2016 19:20 hrs

Nov 24 (Reuters) - Indian soyoil futures rose in heavy trading on Thursday, tracking a rally in soyoil on the Chicago Board of Trade (CBOT) on the latest U.S. government biodiesel requirements and a rise in Malaysian palm oil futures.

CBOT soyoil futures surged nearly 7 percent on Wednesday after the U.S. government released final requirements for biofuel use for next year. Trading in Chicago is closed on Thursday for the Thanksgiving holiday.

The rupee fell to a record low on Thursday, making imports of edible oil more expensive. India is the largest importer of edible oils in the world.

* December soyoil futures rose to 709.10 rupees ($10.34) per 10 kg at 1330 GMT, with the soyoil futures contract hitting its highest intraday level in over 2-1/2 years of 713.40 rupees on Thursday.

* The December soybean contract on the National Commodity & Derivatives Exchange (NCDEX) rose about 2 percent to 3,123 rupees per 100 kg.

* The December rapeseed contract rose 0.6 percent to 4,672 rupees per 100 kg.

SUGAR

* The December sugar contract was down 0.6 percent at 3,431 rupees per 100 kg, on track to close lower for a fifth consecutive day.

CORN, WHEAT

* December corn futures rose 0.8 percent to 1,412 rupees per 100 kg

* The December wheat contract rose 1.3 percent to 2,053 rupees per 100 kg.

($1 = 68.6825 Indian rupees) (Reporting by Sudarshan Varadhan in New Delhi; Editing by Sunil Nair)



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