MUMBAI: Indian soybean futures rose on Wednesday on increasing exports demand for soymeal and a slight drop in supply, while soyoil was steady as a firm Malaysian palm oil outweighed a strong rupee.
Rapeseed rose on depleting stocks and higher purchases from oil millers.
Malaysian palm oil futures were up 1.05 percent at 2,397 ringgit per tonne at 0827 GMT and US soybeans edged up 0.08 percent to $15.18 per bushel.
"Soymeal exports are reviving. Indian soymeal is very competitive. Oil millers are giving discount over South American supplies," said Subhranil Dey, an analyst with SMC Comtrade.
India's soymeal exports jumped more than seven fold in October from a month earlier, when they hit their lowest level in at least two years, as fresh supplies rolled in and competitive prices attracted demand.
The December soybean contract on the National Commodity and Derivatives Exchange was up 0.74 percent at 3,348 rupees per 100 kg.
The December soyoil contract was down 0.05 percent at 666.5 rupees per 10 kg, while rapeseed was 0.17 percent higher at 4,196 rupees per 100 kg.
A strong rupee makes edible oil imports cheaper and at the same time trims returns of oilmeal exporters.
At the Indore spot market in Madhya Pradesh, soyoil edged up 0.65 rupees to 697.05 rupees per 10 kg.
India's soybean production in 2012/13 is expected to rise 8.8 percent on year to 12.67 million tonnes, while rapeseed output is likely to grow nearly 25 percent to 6.5 million tonnes, industry officials said.
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