The market is waiting for Dec. 1 to 31 palm oil production and export data, as well as Malaysian Palm Oil Board December supply and demand data where end-stocks are expected to fall to 1.4 million tonnes, Bagani said.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange fell 12 ringgit, or 0.34%, to 3,530 ringgit ($871.60) a tonne during early trade.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose 34 ringgit, or 1%, to 3,569 ringgit ($879.28) a tonne.
CBOT soyoil climbed 1.3%, while soy and palm oils on the Dalian Commodity Exchange rose 3.5% and 5.2%, respectively.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange closed 3.6% higher, or 8 ringgit, at 3,536 ringgit ($870.72).
Palm tracked higher prices of soyoil on the CBOT, up 2.2%, as Argentine soymeal exports stalled due to labour strikes.
The benchmark palm oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rose 10 ringgit, or 0.3%, to 3,416 ringgit ($841.59), after closing 1.1% lower on Monday.
Supporting prices was a potential rise in palm oil imports by China next year to 6.4 million tonnes from 6.2 million tonnes in 2020.
Soyoil on the CBOT rallied overnight to reach six-and-a-half-year highs, as prolonged worker strikes and dry weather in Argentina squeezed global supply prospects.
The market expects output in December to remain squeezed as rainy weather brought on by La Nina is expected to persist until the first quarter of next year.
This move suggests that the bulls have not given up breaking 3,411 ringgit. Indeed, this resistance looks vulnerable under the third attacks by bulls. It may be broken on either Friday or next Monday.
The decline in exports, however, was more than anticipated as they fell 22.16% to a seven-month low of 1.3 million tonnes, after rising in the past two months.
The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange settled 0.9% higher at 3,256 ringgit ($790.68) a tonne,
export shipments from Malaysia during Nov. 1-10 fell between 17% and 19%, cargo surveyors said.
The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange closed 2.8pc lower to 2,715 ringgit ($652.33) a tonne.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange settled 3.7% higher at 2,614 ringgit ($613.33) per tonne.
"Weather factors have been supporting the market since a few days ago," a Singapore-based trader said.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange closed up 15 ringgit, or 0.62%, at 2,427 ringgit ($569.32) a tonne, after rising as much as 1.45%.
Malaysian palm oil inventories at end-June fell 6.3% from a month earlier, while production jumped 14.2%,