09/03/2013 (Reuters) - Malaysian palm oil futures inched up on Friday, posting a weekly gain of more than 3 percent, as expectations of upcoming bullish data offset investor caution after the industry's biggest annual meeting this week.

Investors took positions ahead of the U.S. Department of Agriculture (USDA) report due on Friday that is expected to show a smaller soybean supply, while a Reuters poll also showed Malaysian palm oil stocks are likely to ease in February.

But some market participants still remained cautious after a consensus on price forecasts for this year failed to emerge from the Bursa Malaysia palm oil conference that ended on Wednesday.

"The mixed views from the conference are kind of disappointing and with the focus now being shifted to the USDA tonight, I still believe the palm market will continue to be trading sideways," said Ker Chung Yang, investment analyst with Phillip Futures in Singapore.

The benchmark May contract on the Bursa Malaysia Derivatives Exchange had edged up 0.7 percent to 2,449 ringgit ($790) per tonne, but was off a high of 2,451 ringgit, a level unseen since Feb. 26.

Total traded volume stood at 27,046 lots of 25 tonnes each, slightly higher than the usual 25,000 lots, as investors took positions ahead of the industry data.

Technicals showed palm oil was expected to fall towards 2,384 ringgit per tonne, as a rebound from the March 1 low of 2,367 ringgit has been temporarily completed, Reuters market analyst Wang Tao said. 

A decline of nearly a fifth in output probably eased Malaysian palm oil stocks in February to a six-month low, a Reuters survey of five plantation companies showed on Thursday.

For the week, palm oil posted a gain of 3.4 percent, although trade volumes were thin for most of the week as market participants watched for trading cues from the conference.     

China, the world's biggest soy buyer, imported 24.3 percent less of the oilseed in February on the year, due to low seasonal demand and holidays. March imports are also expected to be lower on the year, a trend that may push up domestic prices of products.

In other markets, Brent futures steadied above $111 a barrel on Friday after Chinese exports for February beat forecasts, while a restart of a crucial North Sea pipeline limited gains.

In competing vegetable oil markets, U.S. soyoil for May delivery edged up 0.3 percent in late Asian trade. The most-active September soybean oil contract on the Dalian Commodity Exchange closed 0.5 percent higher.   

  Palm, soy and crude oil prices at 1006 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      MAR3    2415    -7.00    2408    2438      32
  MY PALM OIL      APR3    2440   +13.00    2423    2441    2322
  MY PALM OIL      MAY3    2449   +16.00    2426    2451   14372
  CHINA PALM OLEIN SEP3    6622   +24.00    6606    6642  350178
  CHINA SOYOIL     SEP3    8324   +40.00    8294    8346  473160
  CBOT SOY OIL     MAY3   50.74    +0.13   50.46   50.76    5017
  NYMEX CRUDE      APR3   91.57    +0.01   91.28   91.70   11965

  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=3.1 ringgit)