30/01/2014 (Reuters) - Indian soybean futures fell on Wednesday on sluggish demand from oil mills and as the overseas market corrected, expecting a bumper South American crop.

* Soyoil and rapeseed futures were steady as a stronger rupee offset a rise in Malaysian palm oil prices.

* Malaysian palm oil futures edged up after three days of losses, as investors squared positions ahead of a long weekend, although a stronger ringgit currency curbed some buying interest.

* "Oil mills have fewer soymeal export orders for March and April. They are refraining from building a large stockpile as they fear a record soybean crop from Brazil may pull down prices," said an Indore-based oil miller.

* Brazil's 2013/14 crop is seen at an all-time high of 91.8 million tonnes, up 12 percent from the 2012/13 harvest, said crop analysts at Safras & Mercado.

* At 0803 GMT, the key February soybean contract was down 0.60 percent at 3,811.5 rupees per 100 kg on the National Commodity and Derivatives Exchange.

* A stronger rupee makes edible oil imports cheaper but trims returns of oilmeal exporters. The rupee rose on Wednesday.

* The February soyoil contract was down 0.08 percent to 683.25 rupees per 10 kg, while the rapeseed contract for April eased 0.06 percent to 3,362 rupees per 100 kg.

* Soybeans eased 8 rupees to 3,970 rupees per 100 kg at the Indore spot market in Madhya Pradesh state, while soyoil fell by 2.10 rupees to 693.20 rupees per 10 kg. Rapeseed dropped 21 rupees to 3,500 rupees in Jaipur in Rajasthan state