* China snaps up soy cargoes, pointing to more palm oil
* Reuters survey shows palm oil stocks likely hit record in
* Wet weather delays Argentina soy plantings, may hurt
(Adds details, updates prices)
KUALA LUMPUR, Dec 6 Malaysian palm oil futures
edged up 0.4 percent on Thursday as traders bet on demand rising
in the face of tighter supplies of competing soyoil due to
unfavourable weather in Argentina.
Wet weather in No.3 soybean supplier Argentina has delayed
plantings, threatening yields and prompting buyers to
increasingly turn to Malaysia, where stocks are likely to have
risen to a record 2.58 million tonnes in November.
Stronger demand for palm oil could support benchmark
Malaysian futures that have fallen for three straight quarters
this year on rising stocks and concerns that the euro zone debt
crisis could arrest global economic growth.
"High stocks hang over the palm oil market but there may be
a bit of hope from the probable decline in South American soy
crops," a trader with a foreign commodities brokerage said.
The benchmark February contract on the Bursa
Malaysia Derivatives Exchange settled up 10 ringgit at 2,294
ringgit ($750) per tonne. Total traded volumes rose to 45,693
lots of 25 tonnes each, compared to the usual 25,000 lots.
Malaysian crude palm oil shipments are expected to rise in
the next few weeks, as planters scramble to exhaust an annual
tax-free export quota totalling 3.5 million tonnes that is set
to expire at the end of December.
China, which has been snapping up U.S. soybean cargoes, is
looking to import more palm oil before Beijing imposes stricter
quality controls on the refined grades on Jan. 1.
Brent crude oil steadied below $109 per barrel on Thursday
as worries about the global economy and oil demand balanced
supply fears stemming from simmering Middle East tensions.
In palm oil's competing markets, U.S. soyoil for December
delivery edged up 0.7 percent. The most active May 2013
soybean oil contract on the Dalian Commodity Exchange
inched up 0.5 percent.
Palm, soy and crude oil prices at 1004 GMT
Contract Month Last Change Low High Volume
MY PALM OIL DEC2 2117 +12.00 2105 2130 36
MY PALM OIL JAN3 2216 +11.00 2196 2228 2553
MY PALM OIL FEB3 2294 +10.00 2280 2313 19416
CHINA PALM OLEIN MAY3 6810 -2.00 6790 6886 544898
CHINA SOYOIL MAY3 8738 +40.00 8726 8810 502082
CBOT SOY OIL JAN3 51.08 +0.08 50.88 51.32 12760
NYMEX CRUDE JAN3 88.11 +0.23 87.59 88.18 14540
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=3.0413 Malaysian ringgit)
(Reporting by Niluksi Koswanage; Editing by Clarence Fernandez)