MUMBAI, Aug 27 (Reuters) - Indian soyoil futures extended gains on Tuesday to their highest in more than two months, while the soybean contract hit nearly a six-week high, bolstered by gains in overseas markets and on a weak rupee.
* Malaysian palm oil futures climbed to a two-month high as concerns lingered over crop-damaging dry weather in the soy producing U.S. Midwest.
* “The weather is supporting. In U.S. there are concerns over soybean output due to dry weather, while in India the crop may get affected due to heavy rains,” said Badruddin Khan, associate vice-president of research at Indiabulls Commodities.
* “On top of it, the rupee is depreciating, which will help soymeal exporters,” Khan said.
* A weak rupee makes edible oil imports expensive, but raises the returns of oilmeal exporters. The rupee hit a record low on Tuesday.
* At 0744 GMT, the key October soybean contract was up 0.99 percent at 3,570 rupees per 100 kg on the National Commodity and Derivatives Exchange. It had touched 3,587 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 producer Madhya Pradesh state, 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 1.21 percent at 709.50 rupees per 10 kg, after rising to 711 rupees earlier in the day, the highest since June 18. It had closed up 2.28 percent at 701.05 rupees on Monday.
* The rapeseed contract for September eased 0.28 percent to 3,526 rupees per 100 kg as higher stocks weighed.
* At the Indore spot market in Madhya Pradesh, soyoil edged up 4.45 rupees to 705.15 rupees per 10 kg, while soybeans jumped 45 rupees to 3,822 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed rose 12 rupees to 3,675 rupees.
* 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. (Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu)