Breaking News-RTRS-ANALYSIS-US soyoil lures funds on biofuel optimism

CHICAGO, March 16 (Reuters) - Investment funds are betting
U.S. soyoil futures, up 9 percent since February, will keep
rallying as the Obama administration pushes for greater use of
biofuels to reduce dependence on crude oil.
The United States is set to reinstate the $1-a-gallon tax
credit for biodiesel, with recent approval from the U.S. Senate
as part of a jobs creation package. The tax credit expired on
Dec. 31, sharply reducing production of biodiesel made from
soyoil.