Mumbai, June 08 - Crude palm oil[CPO] futures on the Burssa Malaysia Derivatives[BMD] dipped sharply lower midday despite MYR weakness. [MYR- Malaysian Ringgit]

Profit-taking ahead of the weekend andkeen selling interest from major trading house in the cash market weighing on the futures market, traders say.

Benchmark August contract was down MYR 57 at MYR 2,588/tonne, below MYR2,600 support.

Steep drop sparkedtalk that data from MPOB, cargo surveyors due Monday may not be as bullish as initially expected. "When we have a sharp move on the eve of a [data] release, it may be indication of the kind of numbers we may get," traders in Malaysia say.

Earlier, July soy-oil futures on Chicago Board of Trade [CBOT]ended +46 points at 36.36 cents/pound, tracking gains in soybeans amid fresh speculative buying interest.

In after-hours electronic trading, July was unchanged.

Palm oil, soyoil prices typically move in tandem as both commodities are direct competitors.