Soy Oil Rallies as India Agrees to Cut Duties on US Supplies

Soybean oil rose to its highest level in more than six months, driven by expectations that India will buy more after proposing to open parts of its agriculture market to cheaper US imports.

India agreed to cut or eliminate import duties on a slew of US agricultural products, including soybean oil, according to a joint statement on the framework for an interim trade deal released late Friday in the US. That followed an announcement made last week by US President Donald Trump that India would buy more than $500 billion of US products, including agriculture.