Malaysian palm oil futures retreat from three-month high

Malaysian palm oil futures were down on Tuesday, retreating from more than three-month highs the previous day, ending three sessions of gains, although losses were limited by concerns over global edible oil supply and a weak ringgit. The palm oil contract for September delivery on the Bursa Malaysian Derivatives Exchange shed MYR101, or 2.53%, to close at MYR3,884 (US$835.45) a metric tonne. Traders are waiting for industry forecasts for Malaysian palm oil supply and demand in June ahead of Malaysian Palm Oil Board data next week to determine the next price direction. The U.S. soybean planting report, slower Malaysian production in June, geopolitical tensions and a weaker ringgit currency helped limit losses, said Paramalingam Supramaniam, director of Selangor-based brokerage Pelindung Bestari, adding that lack of demand was of some concern, Reuters reported. Soybean planting conditions in the US worsened over the past week as rains did not improve conditions, government data ...