Updates with midday prices

BEIJING, June 26 (Reuters) -Malaysian palm oil futures reversed early losseson Wednesday on forecasts of lower production in the world's second largest producer, although estimates of shrinking June exports kept the contract near six-week lows.

The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange gained 6 ringgit, or 0.16%, to 3,865 ringgit ($820.77) a metric ton during early trade, but hovered near its lowest since May 17.

It had earlier declined as much as 0.75%.

The Malaysian Palm Oil Association forecast production during June 1-20 to decline 6.3% from a year ago, traders and analysts said.

Exports from Malaysia are also weak, with cargo surveyors Intertek Testing Services and AmSpec Agri Malaysia on Tuesday estimating shipments during June 1-25 likely fell between 16.1% and 16.9% from the same period in May.

Another cargo surveyor Societe Generale de Surveillance (SGS) estimates exports for the period at 908,517 metric tons, down from 949,451 metric tons shipped during a month-ago period.

In related oils, Dalian's most-active soyoil contract DBYcv1 gained 0.2%, while its palm oil contract DCPcv1 rose 0.4%. Soyoil prices on the Chicago Board of Trade BOcv1 were also up 0.37%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Crude oil prices inched up despite a surprise jump in U.S. stockpiles, driven by geopolitical risks from the Middle East conflict and forecasts of an eventual inventory drawdown during the third quarter peak demand season. O/R

Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.

Palm oil may revisit its May 10 low of 3,767 ringgit per metric ton, as suggested by a retracement analysis, Reuters technical analyst Wang Tao said. TECH/C

($1 = 4.7090 ringgit)

Reporting by Mei Mei Chu; Editing by Sherry Jacob-Phillips 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