LONDON: US soybean oil prices turned lower on Monday, pressured by news that a ban on palm oil exports from Indonesia is less extensive than previously feared, while soybean and corn prices also fell.

Chicago Board of Trade July soyoil fell 1.4% to 79.41 cents per lb by 1047 GMT after peaking on Friday at 83.21 cents - a record high for the most active contract.

Indonesia, the world’s top palm oil producer, announced plans to halt exports on Friday but industry sources on Monday said it only covered refined, bleached and deodorised palm olein, limiting the scope of the ban.

Malaysian crude palm oil futures also turned lower after rising by 7% earlier in the day.

The global vegetable oil market has already been tightened by the loss of shipments of sunflower oil from Ukraine, the world’s top exporter. Malaysia’s palm oil board on Monday said that countries need to reconsider their food-versus-fuel priorities after the Indonesian decision ignited fears of a global edible oil shortage.

“It’s very important for countries to ensure available oils and fats are used for food and ... temporarily stop or reduce their biodiesel mandates,” the Malaysian Palm Oil Board’s director general, Ahmad Parveez Ghulam Kadir, told Reuters.