JAKARTA, June 16 (Reuters) - Malaysian palm oil futures dropped more than 2% on Wednesday, shedding sharp gains from the previous session, weighed down by a fall in soyoil prices.
The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange dropped 2.51% to 3,453 ringgit ($838.72) a tonne.
Soyoil contract on the Chicago Board of Trade (CBOT) dipped 0.23%. Soybean oil prices on the Dalian Commodity Exchange dropped 0.42%, while its palm oil contract rose 0.17%.
Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.
Palm oil may break a resistance at 3,602 ringgit per tonne and rise into a range of 3,691 ringgit to 3,757 ringgit, Reuters technicals analyst Wang Tao said.
FUNDAMENTALS
* Oil prices rose on Wednesday, with Brent gaining for a fifth consecutive session, as falling stockpiles and a recovery in demand encouraged investors.
* U.S. corn futures rose nearly 1% on Wednesday, underpinned by concerns about potential yield losses from recent unfavourable weather.
* Asian shares were subdued on Wednesday with investors wary of any hint of hawkishness from the U.S. Federal Reserve given lofty asset valuations rely so heavily on an endless supply of super-cheap money. Wednesday, June 16 DATA/EVENTS (GMT) 0600 UK CPI YY May 0700 China Urban Investment (YTD) YY May 0700 China Industrial Output YY May 0700 China Retail Sales YY May 1230 US Housing Starts Number May 1800 US Federal Open Market Committee announces its decision on interest rates followed by statement
($1 = 4.1170 ringgit)
(Reporting by Bernadette Christina Munthe)
