MUMBAI: Indian soyoil futures jumped to a 10-week high on Wednesday, while the soybean contract rose to its highest level in nearly six weeks, supported by a plunge in the rupee to a record low and as edible oil prices improved overseas. Rapeseed also rose, tracking gains in edible oil prices, though higher stocks limited the upside. Malaysian palm oil futures rose to their highest in more than two months on Wednesday, as worries persisted over dry weather in the US Midwest that could lead to lower soybean yields. "Imports are becoming costlier because of the falling rupee. In the spot market, demand is good as traders are making purchases for the festive season," said an Indore-based oil miller. A weak rupee makes edible oil imports expensive, but raises returns for oilmeal exporters. The rupee hit a record low on Wednesday. At 0825 GMT, the key October soybean contract was up 2.54 percent at 3,646.50 rupees per 100 kg on the National Commodity and Derivatives Exchange. It touched 3,686 rupees earlier in the session, the highest level since July 19. Soybean yields are likely to drop due to heavy rainfall in India's top producing state of Madhya Pradesh, an industry official said on Monday. India has sold 350,000 to 400,000 tonnes of new-crop soymeal for shipment between October and December on prospects of higher soybean production and a weak rupee, the official said. The key September soyoil contract was up 1.90 percent at 719.80 rupees per 10 kg, after rising to 722.70 rupees earlier in the day, the highest since June 18. The rapeseed contract for September rose 1.08 percent to 3,542 rupees per 100 kg as higher stocks weighed. Most spot markets were closed on Wednesday due to a local festival. As of Aug. 22, soybean cultivation took up 12.18 million hectares in India compared with 10.64 million hectares a year earlier, farm ministry data showed last week.

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