Palm rally stutters as soyoil prices fall, ringgit advances

(Image: Reuters)

Malaysian palm oil futures fell on Wednesday after a rally that had lifted the contract to three-month highs, with prices tracking a correction in soyoil markets and with the ringgit clawing back gains.

Palm jumped over 10% from a trough of RM2,121 reached on May 25, supported by a drop in the ringgit to seven-week lows, and a rally in rival soy markets that was fuelled by increased biodiesel targets set by the US Environmental Protection Agency (EPA).»