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Indian oilseeds, soyoil jump on global cues, weak rupee

MUMBAI, Sept 3 (Reuters) - Indian oilseeds and soyoil futures jumped on Tuesday on gains in the world market, a weak rupee and an expected rise in edible oil demand in the coming weeks due to festivals.

* U.S. soybeans rose more than 3 percent as updated weather models forecast a hot, dry weather across the Midwest, raising fears of potential yield loss.

* "Dry weather is fuelling a price rally in overseas markets. The continuous depreciation of the rupee is giving local oilseeds markets a further boost," said Prerna Sharma, an analyst at Emkay Commotrade Ltd.

* "In the coming weeks, even if we see a sharp rise in world prices, local prices may rise modestly. Supplies from the new season soybean crop are likely to start in a fortnight. Weather is dry in Madhya Pradesh," Sharma said.

* At 0904 GMT, the key October soybean contract was up 4.01 percent at 3,564 rupees per 100 kg on the National Commodity and Derivatives Exchange.

* India has sold 350,000 tonnes to 400,000 tonnes of new-crop soymeal for shipment between October and December on prospects of higher soybean production and a weak rupee, an industry official said last week.

* The key September soyoil contract jumped 2.68 percent to 713.45 rupees per 10 kg, while the rapeseed contract for September rose 2.05 percent to 3,632 rupees per 100 kg.

* A weak rupee makes edible oil imports expensive, but raises returns of oilmeal exporters. The rupee slid a little closer on Tuesday to a record low struck against the dollar last week.

* At the Indore spot market in Madhya Pradesh, soyoil was up 3.80 rupees at 702.95 rupees per 10 kg, while soybeans eased 3 rupees to 3,543 rupees per 100 kg. At Jaipur in Rajasthan, rapeseed jumped 37 rupees to 3,718 rupees.

* As of Aug. 29, soybean cultivation took up 12.18 million hectares in India compared with 10.68 million hectares a year earlier, farm ministry data showed last week. (Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu)