20/12/2017 (Reuters) -NEW DELHI, Dec 20 (Reuters) - Indian soyoil futures were set to close lower for a third straight session on Wednesday, tracking rival oils overseas and Malaysian palm oil futures.

Indian January soyoil futures were down 0.3 percent at 723.25 rupees ($11.28) per 10 kg on the National Commodity and Derivatives Exchange as of 1224 GMT.

 Malaysian palm oil futures fell 0.9 percent on Wednesday, while the May soybean oil contract on the Dalian Commodity Exchange was down 0.2 percent.

 Indian rapeseed futures were largely flat at 3,978 rupees, while the January soybean futures closed 0.3 percent higher at 3,087 rupees. ($1 = 64.1100 Indian rupees) (Reporting by Sudarshan Varadhan; Editing by Biju Dwarakanath)