India oilseeds, soyoil seen up on Argentina strike

MUMBAI, March 24 (Reuters) - India soyoil, soybean, and rapeseed futures may rise early on Tuesday tracking overnight gains in U.S. markets and due to the ongoing strike in Argentina, where farmers are protesting against soy taxes, analysts said.

Argentine farmers refused to sell their grain and livestock on Monday in a strike aimed at pressuring the government and Congress to cut export taxes on soy, the country's top crop. See [ID:nN23225458]

Crude oil prices CLc1, which edged near $54 a barrel, are also seen supporting prices as a firm crude may push up demand for oilseeds and soyoil from the bio-fuel sector.

The oilseeds and soyoil markets had ended up in the previous day's trade.

However, arrivals of rapeseed in the spot market and lacklustre trade in palm oil in Malaysia may limit the gains, theya added.

At 9:46 a.m., benchmark June palm oil KPOc3 on the Bursa Malaysia Derivatives Exchange had eased 0.39 percent to 2,020 ringgit a tonne. (Reporting by Abhishek Shanker; Editing by Sunil Nair)