VEGOILS-Palm declines on firm ringgit, weak soyoil

* Palm in line to snap three previous days of gains

* Market also down on correction after earlier highs -

Trader

By Emily Chow

KUALA LUMPUR, Aug 8 (Reuters) - Malaysian palm oil futures

fell at the midday break on Wednesday, in line to snap three

previous days of gains, on the back of a firmer ringgit

and weaker soyoil.

The ringgit, palm's currency of trade, had declined against

the dollar to an over-seven-month low on Tuesday, lending

support to palm, but was slightly up 0.02 percent at 4.0730 at

noon.

A stronger ringgit usually weighs on palm by making it more

expensive for buyers holding foreign currencies.

The benchmark palm oil contract for October delivery

on the Bursa Malaysia Derivatives Exchange fell 0.6

percent at 2,222 ringgit ($545.54) a tonne at noon.

Trading volumes stood at 18,846 lots of 25 tonnes each.

(1FCPO-TOT)

"The ringgit is stronger today, and palm is also down on a

correction after it was unable to break yesterday's high," said

a futures trader in Kuala Lumpur.

Palm was also down on "current weakness in rival oilseed,"

another trader added, referring to U.S. soyoil on the Chicago

Board of Trade.

Chicago soybeans edged lower on Wednesday, giving up some of

the last session's strong gains, but losses were limited by

concerns over U.S. crop condition and expectations of China's

return to the market.

Palm oil prices are impacted by movements of other edible

oils, as they compete for a share in the global vegetable oils

market.

The Chicago December soybean oil contract fell 0.2

percent, while the January soybean oil contract on China's

Dalian Commodity Exchange was up 0.3 percent.

In other related edible oils, the Dalian January palm oil

contract edged up 0.7 percent.

Palm, soy and crude oil prices at 0513 GMT

Contract Month Last Change Low High Volume

MY PALM OIL AUG8 0 +0.00 0 0 91

MY PALM OIL SEP8 2202 -12.00 2200 2216 930

MY PALM OIL OCT8 2222 -13.00 2219 2237 6137

CHINA PALM OLEIN JAN9 4930 +32.00 4910 4942 169246

CHINA SOYOIL JAN9 5878 +18.00 5858 5910 196690

CBOT SOY OIL DEC8 29.03 +0.00 29 29.08 973

INDIA PALM OIL AUG8 592.80 -0.80 591.60 593 42

INDIA SOYOIL AUG8 736.9 -0.70 736.5 739.5 900

NYMEX CRUDE SEP8 69.26 +0.09 69.07 69.32 18755

Palm oil prices in Malaysian ringgit per tonne

CBOT soy oil in U.S. cents per pound

Dalian soy oil and RBD palm olein in Chinese yuan per tonne

India soy oil in Indian rupee per 10 kg

Crude in U.S. dollars per barrel

($1 = 4.0730 ringgit)

($1 = 68.6400 Indian rupees)

($1 = 6.8216 Chinese yuan)

(Reporting by Emily Chow; Editing by Sunil Nair)