SINGAPORE, April 1 2021 (Today Online) - Malaysian palm oil futures opened more than 2% higher on Thursday, tracking gains in rival oils on the Chicago Board of Trade (CBOT) and the Dalian Commodity Exchange.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 2.2% to 3,691 ringgit ($890.47) per tonne in early trade, after Wednesday's 1.1% increase.

"Palm is up because of gains in external markets," a Kuala Lumpur-based trader told Reuters.

Chicago soybeans rose to their highest in nearly a month, buoyed by smaller-than-expected U.S. planting. The soyoil contract was flat.

Meanwhile, Dalian's most-active soyoil contract rose 1.7% and its palm oil contract climbed 1.9%.

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

FUNDAMENTALS

* Chicago corn futures climbed more than 3%, hitting their highest since 2013, as the market was buoyed by smaller-than-expected U.S. planting.

* Crude prices rose, recouping some of the previous session's losses on expectations that a meeting of OPEC and its allies later in the day would yield output constraint in the face of resurgent COVID-19 infections in some regions.

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