10/11/2012 (Reuters) - Malaysian palm oil futures fell to a one-month low on Friday, posting their steepest weekly loss since September, as traders stayed cautious ahead of key industry reports.

The Malaysian Palm Oil Board (MPOB) reports stocks data on Monday, which could show inventories at a record-high 2.67 million tonnes at end-October, according to a Reuters survey.

"Positioning ahead of the MPOB report will continue. Effects of weather vagaries will become clearer in the weeks and months ahead," a trader with a commodities brokerage in Malaysia said, referring to year-end floods that could hurt output and lift prices.

"But a hangover from high supply will certainly send any price recovery into a tailspin," the trader added.

Traders are also expecting higher forecasts for U.S. soybean crops from a U.S. Department of Agriculture report later in the day, which could mean a higher supply of rival soybean oil and weigh on palm oil prices.  

At the close, the benchmark January contract on the Bursa Malaysia Derivatives Exchange lost 0.9 percent to 2,316 ringgit ($757) per tonne. Prices had earlier fallen to 2,308 ringgit, the lowest since Oct. 3.

Total traded volumes stood at 40,042 lots of 25 tonnes each, much higher than the usual 25,000 lots.   

Malaysian palm oil futures have lost more than 27 percent so far this year, weighed down by record high stocks and global economic uncertainty. For the week, prices posted a 7.2 percent loss, their worst since the end of September.

In related markets, Brent crude held steady above $107 per barrel on Friday as worries about the U.S. fiscal health and its impact on oil demand growth, already dented by a weak global economy, capped price gains.

U.S. soyoil for December delivery edged down 0.6 percent in late Asian trade. The most active May 2013 soybean oil contract on the Dalian Commodity Exchange lost 1.7 percent.   

  Palm, soy and crude oil prices at 1008 GMT

  Contract        Month    Last   Change     Low    High  Volume
  MY PALM OIL      NOV2    2245   -12.00    2235    2260     116
  MY PALM OIL      DEC2    2314   +17.00    2260    2314    1181
  MY PALM OIL      JAN3    2316   -20.00    2308    2364   16350
  CHINA PALM OLEIN MAY3    6708  -112.00    6702    6794  760706
  CHINA SOYOIL     MAY3    8614  -146.00    8604    8758  923734
  CBOT SOY OIL     DEC2   48.52    -0.25   48.28   48.86   11623
  NYMEX CRUDE      DEC2   85.16    +0.07   84.81   85.58   16758

  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
  Crude in U.S. dollars per barrel
  ($1=3.06 ringgit)