EMERGING MARKETS-Latam stocks fall on US data, Petrobras

* Latin American index fall 1.6 percent

* Petrobras falls 2.8 percent after president's comments

* Mexican stocks down 0.62 pct,Bovespa sheds 1.57 pct

By Caroline Stauffer and Luciana Lopez

MEXICO CITY/SAO PAULO, Aug 30 (Reuters) - Latin American stocks fell on Monday on concerns weak Texas manufacturing data could affect Mexican exports and uncertainty about an oil-for-shares agreement in Brazil.

The MSCI Latin American stocks index .MILA00000PUS fell 1.6 percent to 3,928. The index is down 5.7 percent from the beginning of the month, despite posting a slight recovery on Friday.

Mexican stocks fell 0.62 percent after the Federal Reserve Bank of Dallas' Texas manufacturing index declined for the fourth straight month. [ID:nWNA8674]

Mexico's IPC Index .MXX traded positively this morning after data showed U.S. consumer spending gained in July, but fell after the Texas data.

"The data from Dallas took away the market's enthusiasm," said Gerardo Copca, a strategist at consultancy MetAnalisis in Mexico City.

Mexico sends roughly 80 percent of its exports to the United States and Texas is a key trading partner.

Shares in Wal-Mart de Mexico (WALMEXV.MX) fell 1 percent. Carlos Slim's flagship telecom America Movil (AMXL.MX), which makes up about 25 percent of the IPC index, dropped 0.8 percent.

Brazil's benchmark Bovespa .BVSP index fell 1.57 percent.

State-controlled energy company Petrobras (PETR4.SA) led the index drop, shedding 2.8 percent amid continued uncertainty over an oil-for-shares agreement with the government.

Local media reported over the weekend that Brazilian President Luiz Inacio Lula da Silva wants each barrel of oil in the swap agreement priced much higher than the company and analysts see as fair: $10 per barrel rather than $5 or $6. [ID:nN28117891]

Shares in Brazil's JBS (JBSS3.SA), the world's biggest beef processor, dropped 1.9 percent after it said it may sell some of its beef plants in Argentina due to scarce cattle supply and government meddling in the beef market. [ID:nN30213793]

Chile's bluechip IPSA index .IPSA, the third largest stock exchange in the region, rose 0.05 percent on Monday, boosted by strong gains in the local retail sector.

Retail giant La Polar LAP.SN rose 2.5 percent while competitor Falabella FAL.SN gained 0.68 percent.

Investors in Mexico's stock market are cautious ahead of closely watched U.S. data on manufacturing, services and August non-farm payrolls to be released later this week.

"We're going to see a downward tendency in the markets this week ahead of the U.S. data," said Juan Jose Resendiz, head of analysis at brokerage Arka in Mexico City.

In Brazil, investors eye key data on industrial production Tuesday and second-quarter growth figures on Friday.

The country's finance minister said on Monday he expects growth to cool to 1 percent, compared to first quarter's 2.7 percent growth. [ID:nN30156907]

(Reporting Caroline Stauffer in Mexico City and Luciana Lopez in Sao Paulo; Editing by Andrew Hay)