March 14, 2012 / 4:07 AM / 5 years ago

India oilseeds, soyoil seen extending gains

MUMBAI, March 14 (Reuters) - Indian oilseeds and soyoil futures are likely to extend the previous session's gains on Wednesday morning tracking a rise in the overseas markets and an improvement in export demand for local soymeal, analysts said.

* Malaysian palm oil futures rose 0.74 percent to 3,390 ringgit per tonne by 0401 GMT, while U.S. soybean climbed 0.17 percent to $13.51 per bushel.

* Soybean for April delivery on India's National Commodity and Derivatives Exchange rose 2.1 percent to 2,893 rupees per 100 kg on Tuesday. The contract hit a record high of 2,912 rupees last week.

* Rapeseed for April delivery climbed 1.27 percent to 3,672 rupees per 100 kg, while April soyoil rose 0.79 percent to 727.55 rupees per 10 kg.

* India's rapeseed output is expected to fall 8.5 percent to 6.3 million tonnes in 2012 on lower acreage of the oilseed crop, a trade body survey showed. (Reporting by Rajendra Jadhav; Editing by Rajesh Pandathil)

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