23/08/2012 (Reuters) - Malaysian crude palm oil futures closed at the highest in more than a month on Wednesday, chasing gains in the soybean oil market after reopening from a long weekend break and getting support from rising exports.

The U.S. Department of Agriculture rated soybeans at good to excellent condition just one percentage point higher this week from a week ago, sustaining fears of a poor crop and a tighter supply of soybean oil. 

A smaller supply of soybean oil could shift more vegetable oil demand to the cheaper palm oil, which is trading at a hefty discount of above $200.

"The market is playing a catch-up game here after soybean oil gained so much," said a dealer with a foreign commodities brokerage in Malaysia.

The most active U.S. soyoil contract for December delivery hit a high of 56.3 US cents per pound on Tuesday, its highest level since April 30.

The benchmark November 2012 contract on the Bursa Malaysia Derivatives Exchange rose 3.9 percent on last-minute buying to close at 3,078 ringgit ($987) per tonne, a level last seen on July 17.

Total traded volumes stood at 41,150 lots of 25 tonnes each, much higher than the usual 25,000 lots as traders returned to the market after the Eid al-Fitr holidays on Monday and Tuesday.

Palm oil faces a resistance at 3,044 ringgit and a break above this level will trigger a futher gain to 3,097 ringgit, said Reuters market analyst Wang Tao.

Futures prices were also supported by Malaysia's palm oil exports that rose 6 percent for the Aug 1-20 period on higher shipments to major buyers China and India, according to cargo surveyor Intertek Testing Services.

Another cargo surveyor Societe Generale de Surveillance will release Aug 1-20 data together with Aug 1-25 data on Monday.

Planters are eyeing the possibility of El Nino returning to Southeast Asia, bringing hot and dry weather that could damage palm oil production for key producers Malaysia and Indonesia.

Oil eased below $114 a barrel on Wednesday as investors held out hope that Europe would overcome its debt crisis while Middle East tension kept the potential for supply disruption in focus.

In other vegetable oil markets, the most active U.S. soyoil contract for December delivery retreated 0.5 percent from its near 4-month high by 1004 GMT. The most active January 2013 soyoil contract on the Dalian Commodity Exchange closed 1.8 percent higher.  

  Palm, soy and crude oil prices at 1005 GMT
                                                                                      
  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      SEP2    3008  +110.00    2935    3008     955
  MY PALM OIL      OCT2    3048  +120.00    2982    3048    7439
  MY PALM OIL      NOV2    3078  +116.00    3010    3078   25159
  CHINA PALM OLEIN JAN3    8042  +208.00    7886    8054  519052
  CHINA SOYOIL     JAN3    9954  +178.00    9878    9980  584044
  CBOT SOY OIL     DEC2   55.95    -0.27   55.67   56.23   10683
  NYMEX CRUDE      OCT2   96.59    -0.25   96.46   97.07   17988

  Palm oil prices in Malaysian ringgit per tonne
  CBOT soy oil in U.S. cents per pound
  Dalian soy oil and RBD palm olein in Chinese yuan per tonne
  Crude in U.S. dollars per barrel
  ($1=3.12 ringgit