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Indian soybean hits 2-week high on wet weather; soyoil rises

MUMBAI, Sept 30 (Reuters) - Indian soybean futures jumped more than 2 percent on Monday to hit their highest level in two weeks on a weak rupee, lower supplies in spot markets and concerns over heavy rainfall in top producing states.

* Soyoil and rapeseed rose on a likely rise in edible oil demand during the key festivals in the next two months.

* "In spot markets supplies are lower-than expected. In such situation if Madhya Pradesh receives more rainfall, then certainly supplies will remain constrained in the next few days," said Nalini Rao, an analyst at India Infoline Ltd.

* "Rains can even damage crop that is ready for harvesting."

* The central state of Madhya Pradesh is likely to receive heavy showers in the next three days, weather department said on Monday.

* At 0825 GMT, the key October soybeans contract was 2.19 percent up at 3,520 rupees ($56.23) per 100 kg on the National Commodity and Derivatives Exchange, after hitting a high of 3,530 rupees earlier in the day.

* A weak rupee makes edible oil imports expensive, but increases returns of oilmeal exporters. The rupee eased on Monday.

* 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 October soyoil contract was 1.58 percent higher at 683.50 rupees per 10 kg, while the rapeseed contract for October edged up 0.79 percent to 3,583 rupees per 100 kg.

* India will celebrate festivals such as Dussehra and Diwali in the next two months, when typically edible oil consumption rises.

* At the Indore spot market in Madhya Pradesh, soybeans edged up 16 rupees to 3,507 rupees per 100 kg, while soyoil rose 5.75 rupees to 679.65 rupees per 10 kg. At Jaipur in Rajasthan, rapeseed nudged up 5 rupees to 3,647 rupees.

* Malaysian palm oil futures edged lower on Monday, tracking falls in the United States and Chinese soy markets, but a weaker ringgit curbed losses and locked prices in a tight range. ($1 = 62.6 Indian rupees) (Reporting by Rajendra Jadhav; Editing by Anand Basu)