India soybean, soyoil up on supply shortage concerns

MUMBAI, April 8 (Reuters) - Indian soybean futures and soyoil futures rose early on Wednesday as concerns of a squeeze in global edible oil supplies mounted after a poll showed Malaysian palm oil stocks may fall to a 20-month low, analysts said.

Palm oil is an edible oil used as a substitute to soyoil. Expectations of firm demand for oilseeds and soyoil in the spot market also impacted the prices, analysts said.

At 10:37 a.m, May soybean NSBK9 on the National Commodity and Derivatives Exchange was up 0.61 percent at 2,544 rupees per 100 kg, after making a new high of 2,555.5 rupees earlier.

May soyoil NSOK9 was at 470.5 rupees per 10 kg, up 0.36 percent, while the most active June rapeseed futures NRSM9 were up 1.6 percent at 492.3 rupees per 20 kg after hitting a new high at 495 rupees.

Palm oil stocks in Malaysia, a top palm oil producer and exporter, is likely to slide 12.8 percent to a 20-month low, a Reuters poll showed on Wednesday. See[ID:nKLR433268]

However, gains may be limited in soybean on profit-taking after it rose about 8 percent in 5 sessions to Monday, analysts said. (Reporting by Abhishek Shanker; Editing by Prem Udayabhanu)