Update prices, add analyst comments

JAKARTA, July 31 (Reuters) - Malaysian palm oil futures fell and were headed for a second straight monthly drop on Wednesday, tracking weakness in rival vegetable oils, while the focus was also on the July export data from cargo surveyors.

The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange lost 17 ringgit, or 0.43%, to 3,898 ringgit ($846.29) a metric ton by midday break.

The contract is down 0.46% so far for the month.

"Listless rival oilseed movement in Asian trading hours weighed on Bursa Malaysiacrude palm oil futures market sentiment," a Kuala Lumpur-based trader said.

Dalian's most-active soyoil contract DBYcv1 was up 0.37%,while its palm oil contract DCPcv1 slid 0.15%. Soyoil prices on the Chicago Board of Trade BOc2 were barely changed.

Palm oil tracks price movements of rival edible oils, as they compete for a share of the global vegetable oils market.

Malaysian ringgit, the contract currency of trade, strengthened 0.3%,adding pressure to the price, said Anilkumar Bagani, commodity research head at Mumbai-based Sunvin Group.

Stronger ringgit made palm oil less attractive for foreign currency holders.

Cargo surveyors are expected to publish their estimates on Malaysia's July palmoil exports later in the day.

Meanwhile, European Union palm oil import by July 28 stood at 150,000 metric tons, down from290,000 tons a year earlier, data published by the European Commission showed.

The world's biggest palm oil exporter Indonesiaraised its crude palm oil reference price for August to $820.11 per metric ton from $800.75 per ton in July, but will keep the export tax and export levy unchanged.

($1 = 4.6060 ringgit)

Reporting by Bernadette Christina; Editing by Subhranshu Sahu and Eileen Soreng

For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type OILS/MY01.
* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in OILS/ASIA2 and press enter, or double click between the brackets.
* Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11.

Vegetable oils OILS/ASIA1
Malaysian palm oil exports SGSPALM1
CBOT soyoil futures 0#BO:
CBOT soybean futures 0#S:
Indian solvent SOLVENT01
Dalian Commodity Exchange DC/MENU
Dalian soyoil futures 0#DBY:
Dalian refined palm oil futures 0#DCP:
Zhengzhou rapeseed oil 0#COI:
European edible oil prices/trades OILS/E