* Palm oil gains after Monday's losses * Markets eye U.S. Fed policy statement, stimulus unlikely * High palm stocks keeping prices in check, export trend eyed (Updates prices) By Niluksi Koswanage KUALA LUMPUR, March 13 (Reuters) - Malaysian crude palm oil futures edged up on Tuesday, as traders bet energy markets would hold firm and eyed the outlook for U.S. corn plantings, which could take more acreage from soybeans and limit global edible oil supply this year. Traders were also looking out for the U.S. Federal Reserve's policy statement later in the day, which may reinforce a view from recent upbeat data that the world's biggest economy is on the road to recovery. Palm oil tends to gain from a weaker greenback as the dollar-denominated edible oil becomes cheaper for buyers holding other currencies, but can be hit by a stronger dollar. An unexpected rise in Malaysian palm oil stocks on Monday reined in the market, which has gained 6 percent so far this year, although a recovery in exports for the first ten days of March kept investors upbeat. The rise in stocks in February was due to a fall in exports, but data for early March showed a 32 percent surge in exports as top buyer India snapped up cargoes and local planters won tax free crude palm oil export quotas to feed their refineries overseas. Traders were also waiting on official planting forecasts from the U.S. Department of Agriculture, due on March 30, to get a reading on likely output for the coming year, with corn plantings expected to rise on demand from China. "The market is looking at the U.S. acreage battle that comes up in a couple of weeks. The palm oil price moves will be determined by external events, be it the Fed, crude oil, and U.S. soy," said a trader with a foreign brokerage in Kuala Lumpur. "As for the shock rise in Malaysia's palm oil stocks, we do have a recovery in exports in place. If production falls again this month, we are set for higher prices," he added. Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange rose 1.5 percent to close at 3,365 ringgit ($1,111) per tonne. Traded volumes on Tuesday stood at 22,597 lots of 25 tonnes each, lower than the usual 25,000 lots, as some traders shunned big moves ahead of the U.S. Fed decision. Analysts said weaker Malaysian production for this year will support prices at a time when demand for the tropical oil is strong and there is a shortfall in soyoil supply following a severe drought in South America that withered crops. "Exports will improve but the refined oil business will shift to Indonesia because of the tax and margin advantage," said another Malaysian trader in reference to Jakarta's move last year to slash export taxes of the processed grade. "At the same time, when China and India come in ... Indonesia alone cannot handle their orders. You will need Malaysia." Brent crude rebounded towards $126 on Tuesday, partly driven by simmering tension between the West and Iran that could threaten oil supply. Higher crude raises the case for edible oil use in competing biofuels. The most active U.S. soyoil contract for May delivery rose 1.1 percent in Asian trade in part due to the looming acreage battle between soybeans and corn. The most active September 2012 soyoil contract on China's Dalian Commodity exchange also rose 0.6 percent as China's demand for edible oil remained healthy. "We expect China to increase its purchases of vegetable oil but in a less aggressive way due to higher (overseas) prices," said Alan Lim, an Malaysia-based analyst with Kenanga Investment Bank, in a note to clients. Palm, soy and crude oil prices at 1013 GMT Contract Month Last Change Low High Volume MY PALM OIL MAR2 3390 +74.00 3340 3390 92 MY PALM OIL APR2 3362 +42.00 3328 3365 606 MY PALM OIL MAY2 3365 +48.00 3321 3370 11699 CHINA PALM OLEIN SEP2 8596 +52.00 8510 8608 208692 CHINA SOYOIL SEP2 9588 +58.00 9498 9596 394128 CBOT SOY OIL MAY2 54.55 +0.59 53.92 54.60 7780 NYMEX CRUDE APR2 106.89 +0.55 106.50 107.13 13133 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=3.028 Malaysian ringgit)

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