Competitive pricing from rival edible oils led Malaysian palm oil futures to close lower for the fourth consecutive session on Wednesday, marking their lowest finish in six weeks. The July delivery benchmark contract on the Bursa Malaysia Derivatives Exchange dropped by 1.52% to 4,012 ringgit ($837.58) per metric ton, its weakest since March 5. According to Marcello Cultrera, a director at Singapore-based commodities consultancy Apricus 8, the recent USDA World Agricultural Supply and Demand Estimates (WASDE) report, which presented bearish figures, prompted funds to unwind positions and increase short interests across grains and oilseed sectors. Consequently, trading strategies were impacted, leading to a downward turn on both the Dalian and Malaysian exchanges. Dalian's main soyoil contract fell by 1.5%, while its palm oil contract declined by 2.4%. Meanwhile, soyoil prices on the Chicago Board of Trade decreased by 0.4%. Given that palm oil competes with other oils in the global vegetable oils market, its performance is influenced by price fluctuations in related commodities.