KUALA LUMPUR, Nov 26: Malaysian crude palm oil futures fell across the board in choppy on Monday trading on worries about output and talk that India plans to raise its RBD palm olein base price, traders said.

“Talks are circulating all over the world that India will raise RBD palm olein base price to $340/ton from $307,” said one trader in Kuala Lumpur.

“We also hear this month’s production may not be as low as what Ivan Wong has predicted,” he added.

Influential private forecaster Ivan Wong has estimated Malaysia’s November palm oil output at 1.04 million tons, down nine per cent from October.

Traders said selling might continue if soyaoil futures closed lower in Chicago Board of Trade (CBOT) later on Monday.

By the close benchmark third-month February futures had fallen 38 ringgit to 1,143 ringgit ($300.79) a ton. Volume was heavy at 2,981 lots.

February fell to a low of 1,140 ringgit before the midday break after cargo surveyor Intertek Testing Services (ITS) said Malaysia’s palm oil exports in November 1-25 stood at 846,629 tons, against 737,075 in the same period last month.

Traders said the data were disappointing because they were below market expectations of around 870,000 tons. Players expected exports to reach as high as one million tons for the whole of November.

February rebounded to 1,190 ringgit after another cargo surveyor, Societe Generale de Surveillance (SGS), issued higher estimates at 891,397 tons in November 1-25 against 743,186 tons in October 1-25.

But rumours about the Indian base price increase and the possibility that November output would not be as low as the market had thought killed off the gains.

In the physical sector, the December contract for the southern region was offered at 1,110 ringgit against bids at 1,105. Trade was reported at 1,105 to 1,130.

The December contract for the central region was bid at 1,105 against offers at 1,110. Deals were reported at 1,110 to 1,130.—Reuters