MUMBAI, March 24 (Reuters) - Indian oilseeds and soyoil futures dropped on Wednesday as a fall in overseas markets and weak spot demand prompted profit-taking, analysts said. "Market was seeking a cue to break the upside. The fall in overseas markets provided the reason," said an analyst at Mumbai-based commodity brokerage. Malaysian palm oil futures ended down 1.2 percent on Wednesday, under pressure as weak crude oil and soyoil weighed on the market. See [ID:nJAK498397] U.S. soybean and grain futures eased on Wednesday on a stronger dollar and large global supplies, but prices remained in a narrow range as traders weighed improving weather conditions in the U.S. Midwest grain belt against export obstacles in South America. See [ID:nSGE62N010] The May soybean contract NSBK0 on the National Commodity and Derivatives Exchange ended down 1.58 percent at 1,988 rupees per 100 kg, while the April soyoil NSOJ0 finished 1.1 percent lower at 458 rupees per 10 kg. In Indore spot market in top producer Madhya Pradesh, soybean price eased by 7 rupees to 2,025 rupees, and soyoil edged lower by 1.35 rupees to 455.8 rupees. The April rapeseed contract NRSJ0 ended down 0.32 percent at 508.9 rupees per 20 kg. India's February oilmeal exports slumped 26 percent from a year earlier, falling for the fourth straight month on weak demand from Vietnam, China, Indonesia and Japan, a trade body said. See [ID:nSGE6230KK] India's rapeseed output in 2010 is expected to rise marginally to 6.3 million tonnes on good weather conditions, higher than initial industry estimates, a leading trade body said. See [ID:nSGE62B0GQ] (Reporting by Rajendra Jadhav; Editing by Prem Udayabhanu)

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