Palm extends falls on expectation of further drop in exports

KUALA LUMPUR: Malaysian palm oil futures declined on Wednesday for a second straight session, as expectation of a further drop in exports weighed on the market ahead of cargo surveyor data.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange declined 14 ringgit, or 0.4%, to 3,254 ringgit ($804.55) a tonne in early trade.

Palm declined 2.5% in the previous session to hit its lowest close in nearly two months.

Cargo surveyors are scheduled to release Jan. 1-20 export data later in the day, and market participants expect a 45% plunge on the month.