India soybean, soyoil up on short-covering, Malaysia

MUMBAI, Feb 4 (Reuters) - Indian soybean and soyoil futures rose on Wednesday morning on short-covering triggered by a firm Malaysian palm oil market and expectations of revival in spot demand after prices fell in last one week, analysts said.

Soybean futures have fallen more than 9.5 percent, while soyoil futures have fallen about 7 percent in a week to Tuesday.

However, rains in Argentina, the world's third-largest exporter of soybean and edible oil imports by state-owned firms, may limit the gains, they added.

At 10:39 a.m., March soybean NSBH9 on National Commodity and Derivatives Exchange was up 0.92 percent at 2,241 rupees per 100 kg. March soyoil NSOH9 had risen 0.69 percent to 445.70 rupees per 10 kg.

Rapeseed, the main winter sown oilseed crop in India, also rose tracking strong oilseed complex. May rapeseed futures NRSK9 was up 0.62 percent at 452.80 per 20 kg.

At 10:41 a.m., April palm oil KPOc3 on the Bursa Malaysia Derivatives Exchange was up 2.35 percent at 1,830 ringgit a tonne.

Soybean is crushed to produce soyoil, which competes with palm oil and their prices often move in tandem. (Reporting by Abhishek Shanker; editing by Sunil Nair)