KUALA LUMPUR: Malaysian palm oil futures plunged as much as 6% on Wednesday to hit their lowest in two-and-a-half months, dragged down by cargo surveyor data showing lower exports for the first half of this month, and tracking weakness in rival soyoil.

The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange fell 233 ringgit, or 4.96%, to 4,466 ringgit ($1,055.79) a tonne by the midday break.

Earlier in the session, it fell as much as 6.1% to its lowest since Sept. 29, extending losses to a third session and on track for its worst day since Aug. 2.

Malaysia’s exports during Dec. 1-15 fell 9% from the same period in November to 725,600 tonnes, cargo surveyor Amspec Agri said.

Traders expect shipments to have dropped as much as 12.5% in the first half of this month. Two more cargo surveyors are scheduled to release their estimates later in the day.

“Bears are trying to gain ground as bulls plan a holiday after reaching highs and have probably already sold off their fair bit,” said Sandeep Singh, director of Kuala Lumpur-based consultancy and trading firm The Farm Trade.

“We see a rush to exit spot month and not to roll position like earlier.”

Dalian’s most-active soyoil contract fell 2.3%, while its palm oil contract lost 3.1%. Soyoil prices on the Chicago Board of Trade were down 0.8%.

Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

Rapeseed output in India is likely to rise as much as 29.4% this year as farmers plant more area with the winter-sown oilseed, which will help the world’s biggest importer of vegetable oils to reduce expensive imports. ($1 = 4.2300 ringgit)