Jan 3 (Reuters) - Indian oilseeds and soyoil futures eased on Friday following losses in the overseas market and weak export demand for soymeal, though a weaker rupee limited the downside.
* A weaker rupee makes edible oil imports expensive, but raises margins of oilmeal exporters. The rupee was down on Friday.
* At 0854 GMT, the key February soybean contract was 0.59 percent lower at 3,734.50 rupees per 100 kg on the National Commodity and Derivatives Exchange.
* U.S. soybeans fell to a six-week low on Thursday on technical selling, prospects for large South American crops and weakness in soymeal values, traders said.
* "Rainfall in South America in the last two days is favourable for soybean crop. The region is set to harvest a bumper soybean crop if it gets a few more showers," said Isha Trivedi, an analyst at Phillip Commodities India Pvt Ltd.
* "Export demand for soymeal is very weak. Oil mills are struggling to sign new contracts due to higher soybean prices."
* The February soyoil contract fell 0.40 percent to 688.75 rupees per 10 kg, while the rapeseed contract for January dropped 0.52 percent to 3,458 rupees per 100 kg.
* Cold wave conditions are prevailing in some parts of Rajasthan, the top rapeseed producing state in India, the weather department said on Friday. Extreme cold weather for a prolonged period can trim rapeseed yields, dealers said.
* At the Indore spot market in Madhya Pradesh state, soybeans fell by 24 rupees to 3,861 rupees per 100 kg, while soyoil edged down 1.25 rupees to 695.80 rupees per 10 kg. At Jaipur in Rajasthan, rapeseed eased 2 rupees to 3,663 rupees. ($1 = 62.2050 Indian rupees) (Reporting by Rajendra Jadhav; Editing by Prateek Chatterjee)
