The market's scheduled close on Tuesday for National Day also restrained trade, with players unwilling to commit big ahead of a public holiday, dealers said. The benchmark November palm oil contracts on the Malaysia Derivatives Exchange fell 0.8 percent, or 13 ringgit, to 1,515 ringgit ($398.68) a tonne.
Trade totalled 5,894 25-tonne lots.
"We may have seen a volume of around 8,000 lots if not for tomorrow's holiday," said a trader.
The market's main cargo surveyor, Society Generale de Surveillance, is due to release on Wednesday export estimates of Malaysian oil palm products for August.
Dealers said they expected Society to declare an export of 1.12 million tonnes for the current month, up from the 1.11 million tonnes it gave for July.
The November contract hit a two-month high of 1,544 ringgit on Friday, spurred by talk of a major jump in August exports. On the soyaoil front, the September contract closed 0.52 cent down at 24.40 cents a lb in Chicago trade on Friday.
December soyaoil fell 0.27 cent at 23.62 cents per lb.
Soyaoil and palm oil compete for the same export markets and their prices often move in step.
In physical trade of Malaysian crude palm oil, September saw buyers/sellers at 1,565/1,570 ringgit a tonne in Malaysia's southern and central regions, compared with Friday's close of 1,575/1,585.
Trades were reported at 1,570-1,560 ringgit. October oil in the physical market saw bids/offers at 1,545/1,555. No deals were reported.
PALM OIL FUTURES:
August (south): 1570.
Open/High/Low: 1521/1536/1510.
Previous closes: 1585.
PALM OIL PHYSICALS:
November (3rd month): 1515.
Previous settlement: 1528.
FUTURES:
Third-month November down 13 ringgit to 1,515 ringgit ($398.68) a tonne.
PHYSICALS:
August offer quoted 15 ringgit lower.