* Palm rally overdone in previous session, exports weigh * Investors cautious against backdrop of economic woes * Indonesia announces tax rate for Sept 15 to 30 By Michael Taylor JAKARTA, Sept 15 (Reuters) - Malaysian palm oil futures eased on Thursday, as worries over falling exports and weak comparable oils weighed on prices, with investors cautious due to the uncertain economic picture. Benchmark November palm oil FCPOc3 on the Bursa Malaysia Derivatives Exchange eased 0.6 percent to trade at 3,047 Malaysian ringgit ($989) per tonne, off an earlier low of 3,040 ringgit. "It's a bit down because yesterday's late buying was a bit overdone," said a Kuala Lumpur-based trader. "The Chinese Dalian is a little soft...the market is cautious on the economy and we have some poor exports." Palm oil investors are concerned about a possible build-up in stocks at a time when exports have slipped. Earlier on Thursday, cargo surveyor Intertek Testing Services said exports of Malaysian palm oil products for Sept. 1-15 fell 32 percent. Traded volumes for the November contract stood at 2,836 lots of 25 tonnes each, compared with 13,520 lots on Wednesday. On Wednesday, a late rally saw benchmark prices rise to a near one-month high at 3,066 ringgit. "Down a bit after being up yesterday," said a second Kuala Lumpur-based trader. "Today the market adjusts back lower. "The market is range-bound, and adjusting to external factors ... there is a possibility that stocks will go up and the USDA came out." Benchmark prices are little changed this week, with prices held back by a better-than-expected production outlook for the U.S. soy crop. Earlier this week, the U.S. Department of Agriculture unexpectedly raised its U.S. crop production outlook by 1 percent, despite forecasts for a smaller crop due to hot, dry weather this summer. U.S. soyoil for October delivery was steady after touching a two-week low on Wednesday, while the most active May 2012 soybean oil contract on China's Dalian Exchange was little-changed. "It's a correction after soybean oil was down last night," said a Jakarta-based trader. Against this backdrop, Indonesia, the top palm oil producer, has introduced changes to its export tax. "The new export tax will favour planters with downstream exposure in Indonesia, could be neutral in the near term for CPO producers in Indonesia and is likely negative for Malaysian planters with downstream facilities," CIMB analysts said in a research note. In related markets, oil fell on Thursday as rising fuel stocks and falling demand in top consumer the United States reinforced fears that crumbling economic growth and Europe's debt crisis would dent energy use, while a stronger dollar pressured prices. Malaysian financial markets will be closed for a national holiday on Friday. Palm, soy and crude oil prices at 0542 GMT Contract Month Last Change Low High Volume M'ASIA PALM OIL SEP1 0 +0.00 3130 0 0 M'ASIA PALM OIL OCT1 3087 -12.00 3079 3096 947 M'ASIA PALM OIL NOV1 3047 -18.00 3040 3054 2836 M'ASIA PALM OIL DEC1 3038 -6.00 3033 3046 1660 DALIAN SOY OIL MAY2 10236 -34.00 10198 10268 295046 CBOT SOY OIL DEC1 57.19 +0.09 57.07 57.35 1767 NYMEX CRUDE OCT1 88.53 -0.38 88.32 89.02 6081 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=3.078 ringgit)

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