Updates with midday break prices, analyst comment in paragraph 3

By Dewi Kurniawati

JAKARTA, July 2 (Reuters) -Malaysian palm oil futures extended gains to afifth consecutive session on Tuesday, underpinned by concerns about weak production and tracking a risein the Dalian market.

The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange was up 78ringgit, or 1.96%, to 4,057 ringgit ($860.08) a metric ton by the midday break.

"Futures arereacting to Dalian palm oils buying interest on the back of a forecast of lower production for this month," a Kuala Lumpur-based trader said.

Production in Malaysia fromJune 1-20 is forecast to decline 6.3% from a year-ago period, traders and analysts said, citing data from the Malaysian Palm Oil Association.

Dalian's most-active soyoil contract DBYcv1 rose 1.60%, while its palm oil contract DCPcv1 gained 2.62%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.33%.

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

Exports of Malaysian palm oil products for June fell 11.8% to 1,306,689 tons from a month earlier, cargo surveyor Intertek Testing Services said.

AmSpec Agri estimated the exports fell 15.4% to 1,188,180 tons.

Meanwhile, Indiais likely to receive above-average rainfall in July after receiving 11% below average in June, the weather department said, keeping alive the possibility of higher farm output and economic growth in Asia's third-biggest economy.

Oil prices were little changed on Tuesday, holding near the two-month highs reached in the previous session, on expectations of risingfuel demand from the summer travel season and possible U.S. interest rate cuts that could boost economic growth.O/R

Higher crude oil futures make palm a more attractive option for biodiesel feedstock.

Palm oil may revisit its May 31 high of 4,087 ringgit per metric ton, as it has risen above resistance at 4,011 ringgit, according to Reuters' technical analyst Wang Tao. TECH/C

($1 = 4.7170 ringgit)

Reporting by Dewi Kurniawati; Editing by Subhranshu Sahu and Sonia Cheema

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