MUMBAI: Soyoil prices eased on Friday, tracking losses in Malaysian palm oil and on an estimated rise in the country's edible oil imports in January. Soybeans edged higher on thin supplies and a weak rupee, while rapeseed fell on an expected rise in production. At 0834 GMT, Malaysian palm oil futures were down 0.51 percent at 2,538 ringgit per tonne, while U.S. soybeans were up 0.03 percent at $14.87-1/4 per bushel. "The market is waiting for the edible oil imports data for January. Imports would be higher, but traders want to know the quantum of the rise," said Vedika Narvekar, a senior analyst with Angel Commodities Broking. The country meets more than half of its edible oil requirement through imports, which largely constitute palm oil. A Mumbai-based industry body will release import data next week. The actively traded soyoil contract for March delivery on the National Commodity and Derivatives Exchange ( NCDEX) was 0.28 percent down at 704.3 rupees per 10 kg. The market is also awaiting USDA's data on Argentina's soybeans crop, Narvekar said. Fluctuating South American weather forecasts have stirred a debate on whether, or to what degree, the U.S. Department of Agriculture will adjust its world supply/demand balance sheet on Friday. The most-active soybean contract for March delivery was up 0.31 percent at 3,273 rupees per 100 kg, while the rapeseed contract for April was down 0.67 percent at 3,404 rupees per 100 kg. Soybean supplies are decreasing in the local spot markets as farmers are holding back their produce in the expectation that prices would rise during the summer months. A weak rupee makes edible oil imports expensive and at the same time raises the returns of oilmeal exporters. At the Indore spot market in Madhya Pradesh, soyoil fell by 2.55 rupees to 735.6 rupees per 10 kg, while soybeans rose 2 rupees to 3,370 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed dropped by 100 rupees to 4,200 rupees.

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