The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 2 ringgit, or 0.1%, to 3,409 ringgit ($839.24) in early trade. The contract gained 0.3% on Tuesday.
The weakness in palm oil was mainly due to cheaper rival oils elsewhere, a Kuala Lumpur-based trader told Reuters.
Soyoil on the Chicago Board of Trade BOc2 was last down 0.1% after rallying overnight as a labour strike in Argentina entered its 13th day. the Dalian Commodity Exchange, soyoil DBYv1 fell 0.6% and palm oil DCPv1 declined 0.8%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Malaysia has raised its January export tax for crude palm oil to 8% from 6.5% in December, a circular on the Malaysian Palm Oil Board website showed on Tuesday. oil may retest a support at 3,381 ringgit per tonne, a break below which could cause a fall to 3,300 ringgit, Reuters analyst Wang Tao said. TECH/C
* U.S. soybean futures snapped a four-day rally on Wednesday, slipping from a more than six-year high hit in the previous session as traders booked profits. GRA/
* Oil fell in early trade on Wednesday after industry data showed oil stocks rose last week and as U.S. President Donald Trump rattled markets by threatening not to sign a long-awaited COVID-19 relief bill. O/R
* U.S. stock futures fell, commodities slipped and Treasuries edged higher after Donald Trump threw a last-minute spanner in to pandemic relief plans by threatening not to sign a long-awaited stimulus bill in to law. MKTS/GLOB
DATA/EVENTS AHEAD (GMT) 1330 US
Consumption, Adjusted MM
Nov 1330 US
($1 = 4.0620 ringgit)