Palm falls nearly 10% on cheaper US soyoil

SINGAPORE: Malaysian palm oil futures fell nearly 10% on Monday, on track for their biggest drop in more than 16 months, as rival Chicago Board of Trade soyoil declined amid worries over a possible U.S. move to reduce biodiesel production.

The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell 363 ringgit, or 9.9%, to 3,300 ringgit a tonne by the midday break, extending losses into a sixth session and hitting its lowest since Feb. 4.