Reuters (13/11/2017) - KUALA LUMPUR, Nov 13 (Reuters) - Malaysian palm oil futures extended declines on Monday, heading for their third straight session of falls, as it weakened in line with overnight losses in soyoil on the Chicago Board of Trade (CBOT).

    A stronger ringgit, palm's currency of trade, also weighed on the tropical oil, said a trader, as this makes the oilseed more expensive for foreign buyers. 

    The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange was down 0.6 percent at 2,781 ringgit ($664.52) a tonne at the midday break.

    Traded volumes stood at 16,195 lots of 25 tonnes each at noon on Monday.

    "Palm is down following the overnight soybean oil market, which is looking at market oversupplies," said a Kuala Lumpur-based futures trader, referring to CBOT soyoil, which witnessed a third session of declines following a U.S. Department of Agriculture (USDA) crop report released last week.

    The USDA had raised its corn crop forecast to 14.578 billion bushels, based on an average yield of 175.4 bushels per acre, which would top a record set last year if realised.

    The trader added that the stronger ringgit, which hit its strongest in nearly two months on Monday, also weighed on the market. It was last up 0.1 percent at 4.1850 per dollar, its strongest level since Sept. 20.

    Palm oil looks neutral in a range of 2,779-2,808 ringgit per tonne, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

    In other related edible oils, the December soybean oil contract on the Chicago Board of Trade dropped as much as 0.4 percent, while the January soybean oil contract on the Dalian Commodity Exchange slipped up to 0.7 percent.

    The January palm olein contract slightly dipped as much as 0.2 percent.

    Palm oil is impacted by other edible oils as they compete for a share of the global vegetable oils market.

    Palm, soy and crude oil prices at 0523 GMT 

 Contract                   Month       Last      Change     Low    High    Volume

 MY PALM OIL             NOV7          0          +0.00          0          0             0

 MY PALM OIL              DEC7      2760      -19.00      2760    2774        85

 MY PALM OIL              JAN8       2781      -16.00     2778     2795      9348

 CHINA PALM OLEIN   JAN8      5636       -10.00     5606     5644    154832

 CHINA SOYOIL          JAN8        6080      -28.00     6066     6098    134748

 CBOT SOY OIL          DEC7      34.69       -0.12      34.66    34.83      6554

 INDIA PALM OIL        NOV7     566.60     -0.90      566.50     568         92

 INDIA SOYOIL           NOV7       694        -2.80       692.1      697       320

 NYMEX CRUDE        DEC7      56.80     +0.06      56.77      57.02     15074

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

 India soy oil in Indian rupee per 10 kg

 Crude in U.S. dollars per barrel

($1 = 4.1850 ringgit)

($1 = 65.3075 Indian rupees)

($1 = 6.6448 Chinese yuan)