KUALA LUMPUR: Malaysian palm oil futures fell more than 2% on Wednesday, easing from a near five-week high touched earlier in the session, after data showed exports in April tumbled as high prices spurred demand rationing.

The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange fell 163 ringgit, or 2.52%, to 6,300 ringgit ($1,472.31) a tonne.

The contract had risen as much as 1.28% to its highest level since March 14 during the session.

“Traders are keen to book their profits after the recent rally in prices,” said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.

The market is also awaiting April 1-20 production estimates from industry groups with mixed expectations, he said.

Exports of Malaysian palm oil products for April 1-20 fell between 14% and 18% from the same week in March, cargo surveyors said.

However, demand is expected to jump in coming months driven by a widening discount to rival vegetable oils.

Indonesia, the world’s biggest palm producer, exported 2.098 million tonnes of palm oil and its refined products in February, up 1.35% annually, while production rose 13.8%, data from Indonesia Palm Oil Association (GAPKI) showed on Tuesday.

In related oils, China’s soybean imports from the United States slid in March from a year earlier, customs data showed, as poor margins curbed buying.

Soyoil prices on the Chicago Board of Trade were down 0.4%. Dalian’s most-active soyoil contract fell 0.8%, while its palm oil contract slipped 2.5%.

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

Oil prices rebounded as concerns about tighter supplies from Russia and Libya dominated, while industry data showed a drop in U.S. crude inventories last week.

Stronger crude oil futures make palm a more attractive option for biodiesel feedstock.