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SINGAPORE, April 1 - Malaysian palm oil futuresopened more than 2% higher on Thursday, tracking gains in rivaloils on the Chicago Board of Trade (CBOT) and the DalianCommodity Exchange.
The benchmark palm oil contract for June deliveryon the Bursa Malaysia Derivatives Exchange rose 2.2% to 3,691ringgit ($890.47) per tonne in early trade, after Wednesday's1.1% increase.
"Palm is up because of gains in external markets," a KualaLumpur-based trader told Reuters.
Chicago soybeans rose to their highest in nearly a month,buoyed by smaller-than-expected U.S. planting. The soyoilcontract was flat.
Meanwhile, Dalian's most-active soyoil contractrose 1.7% and its palm oil contract climbed 1.9%.
Palm oil is affected by price movements in related oils asthey compete for a share in the global vegetable oils market.
* Chicago corn futures climbed more than 3%, hitting theirhighest since 2013, as the market was buoyed bysmaller-than-expected U.S. planting.
* Crude prices rose, recouping some of the previoussession's losses on expectations that a meeting of OPEC and itsallies later in the day would yield output constraint in theface of resurgent COVID-19 infections in some regions.
MARKET NEWS REUTERS