BANGKOK, Jan 16: Malaysian crude palm oil futures rose on Tuesday, boosted by higher prices of rival soyaoil and easing floods in the key southern growing area, dealers said.

The benchmark third-month April contract contract on the Bursa Malaysia Derivatives exchange was up 23 ringgit at 1,947 ringgit a ton ($556.3) after trading between 1,893 ringgit and 1,947 ringgit.

There was strong buying below the 1,900 ringgit level, a Malaysian dealer in Kuala Lumpur said.

Other traded contracts were up 18 and 24 ringgit. Overall volume was 13,325 lots of 25 tons each against Monday's 15,918 lots.

Chicago's electronic trading was up so players covered their positions on concerns that the Chicago soyabean oil will firm back again tonight, another dealer said.

Chicago Board of Trade's electronic trade resumed trading during Asian hours on Tuesday. The March soyaoil contract was up 0.12 cent at 29.27 cents per pound at 1052 GMT.

Most US financial markets, which were closed on Monday for Martin Luther Jr. Day, will resume trading on Tuesday.

Last Friday, soybean futures on the Chicago Board of Trade rose to a one-year high, riding the coattails of the hot corn market after the USDA released bullish data, traders said.

The Malaysian crude palm oil futures market ended down at midday on Tuesday as players booked profits after a 2.6 per cent rise on Monday on concerns that heavy rain and floods could hit supplies in the southern growing region.

But the weather has improved since, dealers said. Persistent rain has stopped, a Malaysian dealer said.

Malaysia's southern region was hit by its worst floods in nearly 40 years this week, forcing more than 100,000 people to flee their homes and stirring doubts about palm oil supplies.

They followed the return of heavy monsoon rains to the southern states after severe flooding last month.

The market is expected to move higher but meet resistance at 1,970 ringgit with supportat 1,920 ringgit on Wednesday, Malaysian dealers said.

—Reuters