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India soyoil hits 9-month high on global cues, demand

MUMBAI, Oct 30 (Reuters) - Indian soyoil futures jumped on Wednesday to hit their highest level in nearly nine months, bolstered by gains in overseas edible oil prices and good demand in local spot markets due to a festival.

* Soybean futures hit four-month high, while rapeseed futures climbed to their highest in more than nine months, supported by robust demand amid limited supplies.

* Malaysian palm oil futures rose to their highest level in eight months on Wednesday, supported by technical trading and expectations that wet weather may hit production in dominant Southeast Asian producers in the coming months.

* At 0821 GMT, the rapeseed contract for November on the National Commodity and Derivatives Exchange was up 1.28 percent at 3,809 rupees ($62.05) per 100 kg. It jumped to 3,821 rupees earlier in the day, the highest since Jan. 18.

* Rapeseed oil consumption usually rises in India during the winter season.

* "Local and overseas fundamentals are driving the market higher," said Faiyaz Hudani, a senior research analyst at Kotak Commodity Services Ltd.

* "Oil mills have already made soymeal exports deals and scrambling to secure soybean supplies. Spot markets are not getting enough supplies of good quality soybeans."

* Soybean supplies have risen in spot markets but are lower than usual as rainfall in the last few weeks disrupted harvesting, dealers said.

* The key November soyoil contract was up 1.71 percent at 741.80 rupees per 10 kg. It rose to 745 rupees earlier, the highest level since Feb. 4.

* The key November soybean contract rose 1.67 percent to 3,864.50 rupees per 100 kg, after rising to 3,895 rupees earlier, the highest level since June 21.

* India's soybean production in 2013/14 is likely to drop by 4.4 percent from the previous year to 10.23 million tonnes after heavy rains in growing areas during the harvest season damaged the crop.

* At the Indore spot market in Madhya Pradesh, soybeans were up 60 rupees at 3,788 rupees per 100 kg, while soyoil rose by 9.70 rupees to 737.45 rupees per 10 kg. At Jaipur in Rajasthan, rapeseed edged up 20 rupees to 3,825 rupees. ($1 = 61.3900 rupees) (Reporting by Rajendra Jadhav; Editing by Anand Basu)