The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was last down 1% at RM2,212 (US$527.92) per tonne around noon, in line for a third session of declines in five days.
A Kuala Lumpur-based futures trader said the declines in US soyoil prices also weighed on palm during trade.
“The spillover weakness from palm’s spot month contract also weighed on prices,” she added, referring to Bursa’s palm oil contract for September delivery, which was last down 2.7%.
In other related oils, US soyoil futures on the Chicago Board of Trade were last down 1%.
US wheat futures fell nearly 0.5% on Tuesday, set to extend losses for the fourth straight session, as ample global supplies pushed prices towards a near four-month low.
Soybeans fell as the market remained focused on the impact of a protracted US-China trade war, while corn also slid.
Meanwhile, the September soyoil contract on the Dalian exchange edged up 0.1% and the Dalian September palm oil contract rose 0.4%.
Palm oil prices are affected by movements in related oils, as they compete for a share in the global vegetable oils market.