MUMBAI: Indian soybean and rapeseed futures fell on Thursday on profit-taking, driven by losses in overseas markets, though a weak rupee limited the downside.
Soyoil futures nudged higher, supported by an upward revision in the base import price of crude palm oil.
US soybean futures lost more ground, falling to a near one-week low on forecasts of rains in Argentina's crop belt.
The rupee eased on Thursday. A weak rupee makes edible oil imports expensive and at the same time raises returns of oil mills.
"In overseas markets soybean is under pressure due to forecasts of rainfall in Argentina," said Prerna Sharma, an analyst at Emkay Commotrade Ltd.
"Soyoil prices are rising due to palm oil. The rise is supporting soybean. Oil mills are also expecting a pick-up in soymeal exports in the coming weeks."
The actively traded soyoil contract for February delivery on the National Commodity and Derivatives Exchange was 0.16 percent higher at 726.4 rupees per 10 kg at 0747 GMT.
The most-active soybean contract for February delivery was 0.98 percent down at 3,239 rupees per 100 kg, while rapeseed contract for April fell 0.57 percent to 3,474 rupees per 100 kg.
At the Indore spot market in Madhya Pradesh, soyoil eased by 1 rupee to 754.55 rupees per 10 kg, while soybeans climbed 28 rupees to 3,329 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed dropped by 198 rupees to 4,118 rupees.
India raised the base import price of crude palm oil by nearly 80 percent to $802 per tonne, the government said on Thursday, as part of efforts to curb overseas purchases and protect domestic oilseed farmers.
India has slapped a 2.5 percent import duty on crude edible oils, a move taken to stem overseas purchases by the world's top vegetable oil buyer.
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