* Traders awaiting new cues from USDA report * Industry regulator to issue Malaysian palm oil stocks data on Monday By Niluksi Koswanage KUALA LUMPUR, Sept 9 (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. "The festival season is still ongoing but there will be some moderation in buying for some time," said a trader with a foreign commodities brokerage. "Palm oil will still derive some strength as soyoil supply tightens in the U.S and there are still ample stocks of palm oil despite the drawdown," the trader added. By the midday break, the benchmark November palm oil FCPOc3 on the Bursa Malaysia Derivatives Exchange was up 0.5 percent at 3,041 ringgit ($1,016.55) per tonne. Exchange volumes stood at 4,959 lots at 25 tonnes each versus the usual 12,000 lots in muted trading ahead of the industry data next week. A bullish target of 3,119 ringgit per tonne is intact for Malaysian palm oil as indicated by both a "morning star" and its wave pattern, Reuters analyst Wang Tao said. Brent crude oil edged up towards $115 a barrel on Friday, after falling more than a dollar in the previous session, supported by storm threats and uncertainty about U.S. President Barack Obama's latest plan to revive the world's largest economy. Other vegetable oil markets were muted ahead of the U.S. and Malaysian industry data next week. U.S. soyoil for October delivery fell 0.3 percent in Asian trade. The most active May 2012 soy oil on China's Dalian Commodity Exchange was almost flat. Palm, soy and crude oil prices at 0547 GMT Contract Month Last Change Low High Volume M'ASIA PALM OIL SEP1 3140 +25.00 3130 3140 260 M'ASIA PALM OIL OCT1 3083 +14.00 3082 3087 153 M'ASIA PALM OIL NOV1 3041 +16.00 3038 3052 2318 M'ASIA PALM OIL DEC1 3030 +20.00 3028 3040 1370 DALIAN SOY OIL MAY2 10468 +8.00 10442 10490 304066 CBOT SOY OIL DEC1 58.49 +0.16 58.16 58.59 13 NYMEX CRUDE OCT1 89.08 +0.03 88.36 89.50 6577 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) (Editing by Clarence Fernandez) ((niki.koswanage@thomsonreuters.com)(+603 2333 8035)(Reuters Messaging:)(niki.koswanage.thomsonreuters.com@thomsonreuters.net )

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