MUMBAI (Commodity Online): Soyoil futures rallied Tuesday, managing to bounce after a three-day slide. The bullish influence of sharply higher Crude Oil futures, a weaker U.S. dollar and ideas recent declines were overdone opened the door for prices to recover, analysts said.

Optimistic outlooks for world vegoil demand amid increasing biofuel use and growing world populations helped underpin prices, analysts said. Soymeal futures settled higher, feeding off the bullish theme in soybeans as well as supportive outside market influences.

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May Soymeal ended $3.90, or 1.51%, higher at $261.50 per short ton, while May soyoil settled 62 points, or 1.60%, higher at 39.37 cents a pound.

Courtesy: CBE Group

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