Indian soybeans hit 6-week high on tight supply; soyoil firm

MUMBAI, Oct 8 (Reuters) - Indian soybean futures jumped more than 2 percent on Tuesday to hit their highest level in nearly six weeks on good demand in the spot market for new season supplies that have been disrupted due to rainfall in top producer Madhya Pradesh in the last five days.

* Soyoil and rapeseed also rose as demand for edible oils has been growing in spot markets due to festivals.

* Malaysian palm oil futures rose to their highest in nearly three weeks on Tuesday, posting four straight days of gains, after a market survey showed palm stocks and output in the world's No.2 producer may be lower than initially expected.

* "Oil mills are aggressively buying in spot markets. Most of the new season supplies are of poor grade, with higher moisture content. Mills have signed soymeal export orders. Now they need dry beans that can be crushed quickly," said Prasoon Mathur, a senior analyst with brokerage Religare Commodities.

* Madhya Pradesh is likely to receive more rainfall in the next 24 hours, the weather department said on Tuesday. Fresh showers can disrupt harvesting and further tighten supplies in spot market, Mathur said.

* At 0846 GMT, the key November soybean contract was up 1.82 percent at 3,616.50 rupees ($58.48) per 100 kg on the National Commodity and Derivatives Exchange. The contract earlier rose to 3,623 rupees, the highest level since Aug. 29.

* A weak rupee makes edible oil imports expensive, but raises the returns of oilmeal exporters. The rupee eased on Tuesday.

* India could export as much as 5 million tonnes of soymeal in the year from Oct. 1, 2013, a rise of about 25 percent on the previous year, as Asia's top exporter of the animal feed finds strong demand from Iran and Thailand.

* The key November soyoil contract was 1.68 percent higher at 686.70 rupees per 10 kg, while the rapeseed contract for November edged up 1.15 percent to 3,596 rupees per 100 kg.

* In the next few weeks, India will celebrate festivals such as Dussehra and Diwali, when edible oil consumption typically rises.

* At the Indore spot market in Madhya Pradesh, soybeans edged up 2 rupees to 3,543 rupees per 100 kg, while soyoil rose 5.30 rupees to 690.95 rupees per 10 kg. At Jaipur in Rajasthan, rapeseed climbed up 13 rupees to 3,651 rupees.

* India's soymeal exports surged to 173,381 tonnes in September from 6,525 tonnes a year ago.

($1 = 61.8450 Indian rupees) (Reporting by Rajendra Jadhav; Editing by Anupama Dwivedi)