VEGOILS-Palm slips on weaker crude oil, profit taking

KUALA LUMPUR, Aug 15 (Reuters) - Malaysian palm oil futures edged down in early trade on Thursday, weighed by lower crude oil prices and profit-taking after seven consecutive days of gains. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was last down 0.2% at 2,214 ringgit ($528.27) per tonne, but still holding near a four-month high. Palm oil prices are impacted by movements in crude oil as the vegetable oil is used as feedstock to make biodiesel, a fuel substitute. FUNDAMENTALS * Indonesia's Energy and Mineral Resources Ministry said biodiesel with 30% palm diesel blend passed a series of cold temperature tests this week as the government aim to increase the palm content in biodiesel early next year. * Chicago corn rose for the first time in four sessions on Thursday as bargain buying lifted prices, although gains were limited by expectations of favourable rains across the U.S. Midwest. Wheat and soybeans edged higher in early Asian trade. * Oil prices fell on Thursday to extend sharp overnight losses as U.S. crude inventories unexpectedly rose, fears of recession mounted and economic data out of China and Europe disappointed. MARKET NEWS * Global stocks crumbled and oil prices extended a punishing sell-off on Thursday as an inverted U.S. bond yield curve intensified fears about a world recession. * Wall Street sold off sharply on Wednesday as recession fears gripped the market after the U.S. Treasury yield curve temporarily inverted for the first time in 12 years. * The yen held gains against major currencies in early Asian trade on Thursday as growing signs of a global economic slump and falling Treasury yields drove investors into safe-haven assets. DATA/EVENTS 0130 Australia Employment July 0130 Australia Unemployment Rate July 0830 UK Retail Sales MM, YY July 0830 UK Retail Sales Ex-Fuel MM July 1000 EU Reserve Assets Total July 1230 US Initial Jobless Claims Weekly 1230 US Philly Fed Business Index August 1230 US Retail Sales MM July 1315 US Industrial Production MM July Palm, soy and crude oil prices at 0309 GMT Contract Month Last Change Low High Volume MY PALM OIL AUG9 0 +0.00 0 0 0 MY PALM OIL SEP9 2177 -9.00 2174 2181 365 MY PALM OIL OCT9 2214 -5.00 2207 2218 4485 CHINA PALM OLEIN SEP9 4678 +4.00 4660 4710 29566 CHINA SOYOIL SEP9 6026 +38.00 6000 6064 74322 CBOT SOY OIL SEP9 29.2 +0.03 29.11 29.26 275 INDIA PALM OIL AUG9 553.70 +5.50 547.10 556.5 1804 INDIA SOYOIL AUG9 759 +3.90 752.25 760 2570 NYMEX CRUDE SEP9 55.00 -0.23 54.70 55.11 21400 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 = 4.1910 ringgit) ($1 = 71.2700 Indian rupees) ($1 = 7.0319 Chinese yuan) (Reporting by Emily Chow; Editing by Rashmi Aich)