Palm oil hits more than seven-month low on weak exports

Malaysian palm oil futures fell for a third consecutive session on Wednesday to hit their lowest in more than seven months, dragged by weak exports and as a forecast of record U.S soybean harvest pressured rival Dalian oils.

The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange fell 15 ringgit, or 0.41%, to 3,675 ringgit ($830.51) a metric ton by 0325 GMT.

It hit an intraday low of 3,638 ringgit, its weakest level since Jan. 9, earlier in the session.

Tags: exports, Malaysia, palm oil, futures, benchmark contract