India soyoil up on firm crude prices; soybean drops

MUMBAI, Feb 26 (Reuters) - India soyoil futures rose in early trades Thursday, helped by a rise in Malaysian palm oil and as firm crude oil prices led to expectations of possible demand from the bio fuel industry, analysts said.

Prices were also be supported by the spot market where stockists are buying to meet festive demand next month.

Soybean prices eased on profit-taking after having risen nearly 7 percent in the last two sessions and on expectations that supplies from south America will soon flush international markets, analysts said.

Rapeseed prices edged up on expectations that mills would buy to meet their annual requirements.

At 10:34 a.m., April soybean NSBJ9 on the National Commodity and Derivatives Exchange fell 0.32 percent to 2,331 rupees per 100 kg. April soyoil NSOJ9 was up 0.66 percent at 445.55 rupees per 10 kg.

June rapeseed futures NRSM9 edged up 0.17 percent to 449 rupees per 20 kg.

At 10:36 a.m., benchmark May palm oil KPOc3 on the Bursa Malaysia Derivatives Exchange was up 0.37 percent at 1,901 ringgit a tonne. (Reporting by Abhishek Shanker; editing by Rohini Ananthan)