* Palm oil tracks losses in overseas markets -trader * Investors wait for July 1-25 export data on Thursday * Indonesia keeps crude palm oil export tax unchanged at 10.5 pct (Updates prices) By Anuradha Raghu KUALA LUMPUR, July 24 (Reuters) - Malaysian palm oil futures slipped to their lowest in more than seven months on Wednesday, weighed down by a U.S. soy market that suffered steep losses after a report forecast ideal weather for bumper crops. Conducive weather over the next week in the U.S. Midwest will boost soybean growth, according to Global Weather Monitoring, paving the way for a record harvest that will lift supplies of the oilseed. "Palm has taken cues from overseas markets. It's down on the back of U.S. bean oils dropping sharply on Wednesday because of the crop progress report which showed no major threats," said a trader with a foreign commodities brokerage. A higher supply of soybeans to be crushed into vegetable oil could shift some demand away from competing palm oil. The benchmark October contract on the Bursa Malaysia Derivatives Exchange lost 1.5 percent to close at 2,224 ringgit ($705) per tonne on Wednesday, just a tad higher than its intraday low at 2,220 ringgit, a level last seen on Dec. 13. Total traded volume stood at 36,235 lots of 25 tonnes each, higher than the average 35,000 lots. The trader said that despite laggard exports in July and unfavourable economic conditions in the top two buyers India and China, palm was propped up by last-minute purchases. "The spot month is quite strong on the back of immediate demand," the trader said. Exports of Malaysian palm oil in the first twenty days of the month fell 13-14 percent, cargo surveyor data showed, but traders say daily shipments are still healthy. Traders are waiting for July 1-25 export data on Thursday to gauge demand strength. Indonesia, the top palm oil producer, has kept its export tax for crude palm oil unchanged at 10.5 percent for August, an industry ministry official said on Wednesday. In other markets, Brent crude slipped to $108 on Wednesday as weak China data renewed concerns over demand growth from the world's second-biggest oil consumer, although falls in U.S. refined product and crude stocks helped stem losses. In vegetable oil markets, the U.S. soyoil contract for December fell 0.1 percent in late Asian trade. The most-active January soybean oil contract on the Dalian Commodities Exchange fell 0.6 percent. Palm, soy and crude oil prices at 1006 GMT Contract Month Last Change Low High Volume MY PALM OIL AUG3 2310 -36.00 2308 2349 292 MY PALM OIL SEP3 2256 -29.00 2252 2283 6282 MY PALM OIL OCT3 2224 -34.00 2220 2255 17922 CHINA PALM OLEIN JAN4 5568 -50.00 5540 5594 410580 CHINA SOYOIL JAN4 7244 -40.00 7222 7270 582800 CBOT SOY OIL DEC3 44.63 -0.05 44.51 44.95 5699 NYMEX CRUDE SEP3 107.10 -0.13 106.87 107.52 17711 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=3.186 ringgit)

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