MUMBAI: Oilseeds and soyoil futures edged higher on Friday, following gains in overseas markets, though a firm rupee and a higher area under rapeseed capped the upside. As of 0753 GMT, Malaysian palm oil futures were up 0.16 per cent at 2,485 ringgit per tonne, while US soybeans rose 0.55 per cent to $14.26-1/2 per bushel. "In soybean, buying is emerging at lower levels. The U.S. market is firm, that is also changing sentiments," said Subhranil Dey, an analyst with SMC Comtrade. "But the upside is limited. In the spot market demand is moderate. Traders are cautious. They are keeping an eye on meal exports." The January soybean contract on the National Commodity and Derivatives Exchange was up 0.62 per cent at Rs 3,245.5 per 100 kg. India meets more than half of its edible oil requirement through imports, which largely constitute palm oil. A strong rupee makes edible oil imports cheaper and at the same time trims returns of oilmeal exporters. The rupee rose on Friday. The January soyoil contract was 0.17 percent higher at 701.1 rupees per 10 kg, while the January rapeseed contract climbed 0.87 percent to 4,187 rupees per 100 kg. Indian farmers have cultivated rapeseed on 6.44 million hectares as of Dec. 21, compared with 6.27 million hectares during the same period last year. At the Indore spot market in Madhya Pradesh, soyoil was up Rs 0.8 at Rs 709.55 per 10 kg, while soybeans edged up by Rs 11 to Rs 3,293 per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed dropped by Rs 10 to Rs 4,250.

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