KUALA LUMPUR, Aug 7: Malaysian crude palm oil futures closed higher on Monday, helped by strong demand and higher soybean prices.

But the market gave up some early gains because of profit-taking.

The benchmark third-month October contract on the Bursa Malaysia Derivatives ended up seven ringgit at 1,618 ringgit ($442) a ton. The contract had risen 15 ringgit to 1,626 ringgit a ton by midday break.

Other contracts rose between five and nine ringgit a ton.

Overall volumes stood at 8,639 lots of 25 tons each.

Export momentum has improved, one dealer said. If we look at the freight bookings, it looks like August is going to be a real good month. Societe Generale de Surveillance, a cargo surveyor closely watched by the market, said last week exports of Malaysian palm products in July rose 11.8 per cent from a month earlier.

The state-run Malaysian Palm Oil Board is due to release July export and production numbers on August 10.

The Chicago Board of Trade soyabean market closed slightly firmer on Friday but off its highs made early on concerns that the US soyabean crop will be stressed next week as hot, dry weather returns to the Midwest, traders said.

August soybeans, which are in delivery, settled 1 cent higher at $5.77-1/2. November soyabeans were up 1 cents at $5.97, after rising 5 cents to $6.01 during the day session.

In the physical market, crude palm oil for August shipment saw sellers at 1,605 ringgit a ton and bids at 1,600. Trades were done at 1,595 to 1,600 ringgit a ton.-—Reuters