* The most-active soybean contract for August delivery on the National Commodity and Derivatives Exchange (NCDEX) was up 0.82 percent at 4,510.50 rupees per 100 kg at 0753 GMT, recovering from a low of 4,404 rupees, a level last seen on July 14.
* The contract shed 5.4 percent in the previous two sessions.
* U.S. soybeans rallied nearly 3 percent on Monday on fears that the crippling U.S. drought would further shrink the crop in the world's top grains exporter.
* The most-traded soyoil contract for August delivery was 0.06 percent higher at 779.30 rupees per 10 kg while rapeseed contract for August delivery was up 1 percent at 4,331 rupees per 100 kg.
* However, the upside was limited on fears that the government could ban futures of some farm commodities to curb inflation.
* "Soybean will come down in the short-term, as market is in overbought condition," said an analyst with JRG Wealth Management, adding soybean may trade in the range of 4,300-4,650 rupees.
* In the Indore spot market in Madhya Pradesh, soyoil eased 0.95 rupees to 777 rupees per 10 kg, while soybean fell 99 rupees to 4,493 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed rose 94.25 rupees to be at 4,305 rupees per 100 kg.
* Indian farmers have cultivated soybean on 10.15 million hectares as on July 27, compared with 9.43 million hectares during the same time a year ago, farm ministry data showed. Soybean is a summer crop sown in June and harvested in October. (Reporting by Siddesh Mayenkar; Editing by Anand Basu)
Source: Reuters
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