* China snaps up soy cargoes, pointing to more palm oil demand * Reuters survey shows palm oil stocks likely hit record in Nov * Wet weather delays Argentina soy plantings, may hurt yields (Adds details, updates prices) KUALA LUMPUR, Dec 6 (Reuters) - 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

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