MUMBAI: Oilseeds futures fell on Wednesday on a drop in the overseas prices and as good rainfall in soybean and rapeseed growing areas bolstered hopes of a bumper harvest. Soyoil was steady as a drop in the rupee and good demand in the spot market due to festivals offset a fall in Malaysian palm oil futures. Malaysian palm oil futures were down 1.5 percent at 3,012 ringgit per tonne by 0807 GMT, while U.S. soybean was down 0.49 percent at $17.59-1/4 per bushel, after hitting a record high in the previous session. "Weather has become conducive for soybean crop in central India. We are expecting higher production than last year," said Prasoon Mathur, a senior analyst with Religare Commodities. Indian farmers have grown soybean on 10.69 million hectares as of Aug. 30, compared with 10.31 million hectares a year earlier, farm ministry data showed. The October soyoil contract on India's National Commodity and Derivatives Exchange was down 0.29 percent at 807 rupees per 10 kg, after hitting a record high of 821.2 rupees last week. A weak rupee makes edible oil imports expensive and at the same time raises returns of oilmeal exporters. The October soybean contract fell 1.18 percent to 3,963.5 rupees per 100 kg, while rapeseed eased 0.97 percent to 4,389 rupees per 100 kg, after hitting a high of 4,613 rupees last week. North-western Rajasthan is the top rapeseed producer in the country and recent rainfall should benefit sowing, starting from October, Mathur said. At the Indore spot market in Madhya Pradesh, soyoil rose 2.25 rupees to 800.25 rupees per 10 kg, while soybean rose by 20 rupees to 4,576 rupees per 100 kg. In Sri Ganganagar in Rajasthan, rapeseed edged up 20 rupees to 4,345 rupees per 100 kg.

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