India oilseeds, soyoil seen weak on global markets.

MUMBAI, May 25 - Indian oilseeds and soyoil futures are likely to open lower on Tuesday on weakness in overseas markets and a drop in meal exports, but expectations of lower acreage and weak rupee may limit the downside, analysts said.

U.S. soybeans and grain futures fell, succumbing to broader market pressures from a strengthening U.S. dollar and weaker stocks amid fresh concerns about the European banking sector's health.

India's April oilmeal exports slumped 14.35 percent from a year earlier, falling for the sixth straight month, on low domestic crushing and as a strengthening rupee weakened demand from Vietnam and China, a trade body said.

Malaysian palm oil futures were trading 0.12 percent lower at 9:08 a.m.

The June soybean contract NSBM0 on the National Commodity and Derivatives Exchange ended up 0.53 percent at 1,995.5 rupees per 100 kg, while the June soyoil contract NSOM0 rose 0.04 percent to 453.40 rupees per 10 kg in the previous session.

The June rapeseed contract NRSM0 climbed 0.42 percent at 514.05 rupees per 20 kg on an estimated drop in the output.

India exports oilmeal and imports edible oil.

Rapeseed harvest in India, the world's top edible oils buyer, is likely to be 6.59 million tonnes, down from the estimated 7.43 million in February and the actual production of 7.2 million tonnes last year, official data showed

Source : Reuters