MUMBAI: Indian soybean futures rose on Wednesday on limited supplies in spot markets and gains in the overseas market, while soyoil and rapeseed eased due to a strong rupee and sluggish demand. Chicago soybean futures rose half a percent on Wednesday to their highest in just over two months as China's relentless purchases buoyed the market. A stronger rupee makes edible oil imports cheaper, but trims the returns of oilmeal exporters. The rupee rose on Wednesday. "Oil mills are not buying aggressively. There is moderate demand for soybeans, but even that demand could not be met. Supply is limited as farmers are holding back the crop," said Isha Trivedi, an analyst at Phillip Commodities India Pvt Ltd. Indian soymeal exports rose to 182,724 tonnes in October from 49,840 tonnes a year earlier. At 0856 GMT, the key December soybean contract on the National Commodity and Derivatives Exchange was up 0.46 percent at 3,857 rupees ($61.75) per 100 kg, while the December soyoil contract fell 0.57 percent to 717.70 rupees per 10 kg. India's soybean production in 2013/14 is likely to drop 4.4 percent from the previous year to 10.23 million tonnes after heavy rains in growing areas during the harvest season damaged the crop. The rapeseed contract for December was down 0.08 percent at 3,778 rupees per 100 kg. Indian farmers have cultivated rapeseed on 5.44 million hectares as on Nov. 21, compared with 5.24 million hectares a year earlier. At the Indore spot market in Madhya Pradesh, soybeans rose 25 rupees to 3,938 rupees per 100 kg, while soyoil eased 1.40 rupees to 722.50 rupees per 10 kg. At Jaipur in Rajasthan, rapeseed was up 4 rupees at 3,854 rupees.

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