Malaysian palm oil futures surrendered earlier gains to reverse a two-day climb on Wednesday amid waning strength in soyoil and crude oil, while a stronger ringgit further weighed on investor sentiment.The benchmark palm oil contract FCPOc3 for July delivery on the Bursa Malaysia Derivatives Exchange closed down 28 ringgit, or 0.71%, at 3,943 ringgit ($825.76) a metric ton.Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.Oil prices were stable above $88 a barrel on Wednesday, after industry data showed a surprise drop in U.S. crude stocks last week and a drop in business activity from the world’s largest oil consumer.Malaysian oil palm smallholders have been urged to replant old oil palm trees, which would maintain the productivity of the country’s oil palm industry, Malaysia-based Bernama reported on Monday.Malaysia’s meterological agency increased the issuance of Level 1 hot weather alerts to over 20 areas on Tuesday evening. Hot weather negatively affects palm yields.