* U.S. Soybeans hits record high * Palm oil highest since Aug 27 * Palm oil rise still rather muted on higher stocks By Anuradha Raghu KUALA LUMPUR, Sept 4 (Reuters) - Malaysian crude palm oil futures touched a one-week high on Tuesday, as shrinking soybean supplies arising from poor production in South Americas and a historic drought in the U.S. could shift more demand to the tropical oil. Although U.S. soybean futures hit a record high in Asian hours, palm oil's rise was muted due to a stock build in Malaysia in part due to top producer Indonesia offering cheaper cargoes for refined products. Traders also priced in higher production that contributed to the stock build, although strong palm oil exports on the back of higher shipments for crude products could help ease stocks a little. "I think palm oil is rising on the back of soybeans and that's the main reason of the strength in palm oil," said a trader with a foreign commodities brokerage in Malaysia. "The unexpectedly high palm oil exports in August also provided some friendly sentiment. Previously we were expecting stocks at 2.3 million tonnes, now everybody has cut back stocks by 200,000-250,000 tonnes based on exports alone." By the midday break, the benchmark November 2012 contract on the Bursa Malaysia Derivatives Exchange edged up 0.1 percent to 3,075 ringgit ($992) per tonne after hitting 3,100 ringgit, a level last seen on Aug. 27. Total traded volume stood at 14,670 lots, higher than the usual 12,500 lots. But technicals remain bearish as palm oil faces a resistance at 3,093 ringgit per tonne, and will retrace to 3,049 ringgit, said Reuters analyst Wang Tao. Palm oil exports surged to 1.45 million tonnes in August, the highest seen this year, bolstered by higher shipments of crude products and a demand recovery from major food buyers China and India. Another cargo surveyor Societe Generale de Surveillance will issue August exports data later in the day. The El Nino weather conditions will likely be weak and shortlived, New Zealand scientists said on Tuesday, providing some relief to plantation owners in Southeast Asia. Brent futures rose for a fourth day in Asia on Tuesday, reaching more than $116 per barrel on persistent hopes for stimulus measures from central banks in the United States and Europe, with key policy meetings this week and next. A tight global supply of soybeans also pushed other vegetable oil markets higher. By 0517 GMT, the most active U.S. soyoil contract for December delivery jumped 1.9 percent to the highest since September 2011. The most active January 2013 soyoil contract on the Dalian Commodity Exchange gained 0.7 percent to a fresh contract-high by the midday break. Palm, soy and crude oil prices at 0517 GMT Contract Month Last Change Low High Volume MY PALM OIL SEP2 2968 +7.00 2968 2990 168 MY PALM OIL OCT2 3031 +4.00 3031 3055 987 MY PALM OIL NOV2 3075 +2.00 3074 3100 6096 CHINA PALM OLEIN JAN3 8246 +46.00 8226 8352 235258 CHINA SOYOIL JAN3 10246 +74.00 10212 10308 377690 CBOT SOY OIL DEC2 58.18 +1.10 57.95 58.60 8340 NYMEX CRUDE OCT2 97.31 +0.84 96.01 97.35 26976 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

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