India soybean futures breached the 4 percent upper circuit, the maximum movement allowed in a day, on Wednesday on firm overseas markets, analysts said. The markets also erased most of the losses it had incurred in the previous trading session. Futures relied more on overseas cues as the local spot market in Indore was closed for a holiday. At close, March palm oil KPOH9 on the Bursa Malaysia Derivatives Exchange was up 2.95 percent at 1,884 ringgit a tonne. U.S. soybean futures SH9 was up 1.65 percent at $9.87-¾ a bushel in electronic trade on Wednesday. Local soybean had fallen by 4 percent, the maximum intraday movement allowed, on Tuesday due to sharp falls in Malaysian palm oil, higher soy stocks as per a USDA report and weak crude oil prices. Rapeseed futures also ended up tracking firm soybean markets but higher output in 2009 weighed on the markets, analysts said. SOYOIL India's February soyoil futures ended almost steady on Wednesday as a firm overseas cues were checked by news of a sharp rise in edible oil imports late last year, analysts said.

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