India oilseeds, soyoil seen up on firm global cues

MUMBAI, March 19 (Reuters) - India soybean, soyoil, and rapeseed futures may rise on Thursday morning tracking firm crude oil prices, overnight gains on Chicago Board of Trade and Malaysian palm oil, analysts said.

The ongoing conflict between the farmers and the government in Argentina, world's third largest soybean producer, over export taxes on agricultural products, including soy may also support prices. See[ID:nN18371782]

Firm U.S. crude oil prices CLc1 lifted demand for soyoil and oilseeds demand from the biofuel sector.

The April soybean NSBJ9 on the National Commodity and Derivatives Exchange ended down 0.53 percent at 2,330 rupees per 100 kg on Wednesday. The April soyoil futures NSOJ9 ended down 0.79 percent at 453.75 rupees per 10 kg.

At 9:01 a.m., benchmark June palm oil KPOc3 on the Bursa Malaysia Derivatives Exchange was up 1.21 percent at 1,928 ringgit a tonne.

However, higher supplies of rapeseed in the open market and a one-year extension of a ban on vegetable oil exports to March, 2010 may weigh on the markets. See[ID:nBMA002557]

Rapeseed arrivals touched 400,000 bags of about 85 kg each on Wednesday. (Reporting by Abhishek Shanker Editing by Prem Udayabhanu)