(Reuters) - Indian oilseed and soyoil futures eased on profit-taking, though the rupee's fall to a record low and concerns about domestic soybean sowing due to low rainfall limited the downside.
* The July soybean contract on the National Commodity and Derivatives Exchange was down 0.52 percent at 3,601 rupees per 100 kg by 0850 GMT, after rising to 3,699 on Wednesday, the highest level for the second month contract since May 5.
* Malaysian palm oil futures were down 0.69 percent at 3,019 ringgit per tonne, while U.S. soybean were down 0.67 percent at $14.36-3/4 per bushel at 0850 GMT.
* "The Indian market is down due to the correction in the world markets," said Sudha Acharya, an analyst at Kotak Commodity Services Ltd. "Local fundamentals are supporting an upside. The rupee is falling and there are concerns about soybean sowing due to poor rainfall."
* Rainfall in India is 26 percent below average so far this season. Crucial monsoon rains are slightly delayed but not yet a worry for farming, the head of the weather office said on Thursday.
* "In the next few days weather will determine the market movement. Like India, there are concerns about rainfall in the United States as well," Acharya said.
* The USDA said on Monday that 56 percent of the soy crop was in good-to-excellent shape as of Sunday, down 4 percentage points from last week and 2 percentage points worse than the average of analyst estimates.
* The July soyoil contract nudged lower 0.22 percent to 748.3 rupees per 10 kg, while rapeseed slipped 0.99 percent to 3,811 rupees per 100 kg.
* A weak rupee makes edible oil imports expensive and at the same time raises returns for oilmeal exporters. The Indian rupee fell to a record low on Thursday.
* In the Indore spot market in Madhya Pradesh, soyoil fell by 2.45 rupees to 738.35 rupees per 10 kg, while soybean was down 23 rupees at 3,615 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed dropped 59 rupees to 3,768 rupees per 100 kg. (Reporting by Rajendra Jadhav; Editing by Anand Basu)
