Aug 27 (Reuters) - India's soyoil and rapeseed futures extended gains on Monday to hit record highs, following gains in the world market due to a drought in the United States and as a drop in the rupee made edible oil imports expensive. * Soybean also rose more than 1 percent, but gains were capped by an expected rise in local supplies from October due to higher sowing. * Malaysian palm oil futures were up 1.53 percent at 3,116 ringgit per tonne by 0811 GMT, while U.S. soybean jumped 1.29 percent to $17.53-3/4 per bushel. * "In spot market demand is good for soyoil due to festivals. Developments in overseas markets are supporting upside. The drought in the U.S. is driving up grain prices," said Chowda Reddy, a senior analyst at JRG Wealth Management. * Pro Farmer said the U.S. is likely to produce lower soybeans than forecast by the U.S. Department of Agriculture as the worst drought in the U.S. Midwest in 56 years hurt the crop. * The October soyoil contract on India's National Commodity and Derivatives Exchange was up 0.99 percent at 820.05 rupees per 10 kg, after hitting a record high of 821.2 rupees earlier in the day. * The October soybean contract rose 1.26 percent to 4,048 rupees per 100 kg, while rapeseed was up 0.72 percent at 4,600 rupees per 100 kg, after hitting a record high of 4,613 rupees earlier in the day. * At the Indore spot market in Madhya Pradesh, soyoil rose 5.25 rupees to 798 rupees per 10kg, while soybean rose by 24 rupees to 4,613 rupees per 100 kg. * Indian farmers have cultivated soybean on 10.68 million hectares as on Aug. 23, compared with 10.27 million hectares at the same time a year earlier, farm ministry data showed. * India's vegetable oils industry has called on the government to press China to lift a ban on imports of Indian rapeseed meal, a key industry official said last week, ahead of the arrival by end-August of a delegation from Beijing. (Reporting by Rajendra Jadhav; Editing by Sunil Nair)

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