12/09/2011 (Reuters) - Malaysian palm oil futures rose on Friday as traders took up positions ahead of a slew of industry reports that could shed light on a decline in vegetable oil supplies.  
   
The U.S. Department of Agriculture's supply-demand report on Monday will update the agency's crop forecasts in the light of hot and dry weather hurting U.S. soy yields that could lift soyoil's premium to palm oil. 
   
On the same day, industry regulator Malaysian Palm Oil Board will issue August stocks data that may show declines for a second month as exports and local demand outstrip production during a key Muslim festival. 
   
But cargo surveyors are likely to show a drop in Malaysian exports for the period September 1-10 as buying normalises,although some traders say top importers India and China are waiting for prices to fall still more before committing.   
   
"Expectations of bullish USDA numbers are holding the market up. After that is over, have you seen what happens when you kick a rock off a cliff," said a trader in Kuala Lumpur.
    
The benchmark November palm oil FCPOc3 on the Bursa Malaysia Derivatives Exchange settled up 0.8 percent at 3,050 ringgit ($1,019.56) per tonne. 
   
Exchange volumes stood at 16,106 lots at 25 tonnes each versus the usual 25,000 lots in muted trading ahead of the industry data next week. 
   
Cargo surveyor Intertek Testing Services is set to issue Malaysia's Sept. 1-10 palm oil exports and traders expect the levels at 379,000 tonnes -- some 36 percent lower than the same period a month ago. 
   
"There is some normalising on export data. We need to watch and see if Indian buyers will wait for prices to come down a little for committing purchases," said another trader.
 
New palm oil export tax rules in Indonesia, the world's top palm oil producer, will kick in on September 15, a trade ministry official said on Friday.  
   
That brings some clarity to the market confused as to when the changes will come into effect, after another official said October 1. 
   
The taxes favour refined palm oil shipements. Traders said the minimal tax saving if palm oil firms sold RBD palm olein instead of crude palm oil would be $80-$100 a tonne.  
    
Brent crude was steady on Friday, supported by tight supply in Europe and the United States, outperforming other commodities which were hit by gloom surrounding prospects for the global economy.  
   
Other vegetable oil markets were muted ahead of the U.S. and Malaysian industry data next week. 
   
U.S. soyoil for October delivery inched up 0.2 percent in late Asian trade. The most active May 2012 soy oil
 
on China's Dalian Commodity Exchange rose 0.4 percent. 
     
  Palm, soy and crude oil prices at 1117 GMT
                                                                
  Contract        Month    Last   Change     Low    High  Volume
  M'ASIA PALM OIL  SEP1    3130   +15.00    3120    3140     380
  M'ASIA PALM OIL  OCT1    3087   +18.00    3079    3100    1658
  M'ASIA PALM OIL  NOV1    3050   +25.00    3033    3060    7895
  M'ASIA PALM OIL  DEC1    3039   +29.00    3022    3048    3392
  DALIAN SOY OIL   MAY2   10496   +36.00   10442   10502  508286
  CBOT SOY OIL     DEC1   58.48    +0.15   58.16   58.65      13
  NYMEX CRUDE      OCT1   87.86    -1.19   87.56   89.50   27979
                                                                
  Palm oil prices in Malaysian ringgit per tonne
  CBOT soy oil in U.S. cents per pound
  Dalian soy oil in Chinese yuan per tonne
  Crude in U.S. dollars per barrel                                                           
  ($1 = 2.992 ringgit)