* Prices set for worst weekly loss since September * Traders cautious ahead of data from USDA, MPOB * Palm oil to consolidate in 2,321-2,377 ringgit range -technicals * Wilmar Q3 profit jumps 26 pct, oilseeds and grains rebound (Updates prices, adds details) By Chew Yee Kiat SINGAPORE, Nov 9 (Reuters) - Malaysian palm oil futures inched up on Friday, pulling off a one-month low, but remained on track for their steepest weekly loss since September, as traders stayed cautious ahead of key industry reports. Bearish sentiment dominated ahead of Malaysian Palm Oil Board (MPOB) stocks data on Monday, which could show October inventory at a record-high 2.67 million tonnes, according to a Reuters survey. Traders will also be expecting higher forecasts for U.S. soybean crops from a U.S. Department of Agriculture report later in the day, which could lead to a higher supply of rival soybean oil and weigh on palm oil prices. "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. By the midday break, the benchmark January contract on the Bursa Malaysia Derivatives Exchange gained 0.2 percent to 2,341 ringgit ($765) per tonne. Prices had earlier fallen to 2,317 ringgit, the lowest since Oct. 3. Total traded volumes stood at 13,326 lots of 25 tonnes each, slightly higher than the usual 12,500 lots. Malaysian palm oil futures have lost more than 26 percent so far this year, weighed down by record high stocks and global economic uncertainty. For the week, prices looked set to post a 6.2 percent loss, their worst since the end of September. Technicals showed palm oil has support at 2,321 ringgit and may consolidate above this level and below 2,377 ringgit per tonne for one trading session, Reuters market analyst Wang Tao said. Singapore palm oil firm Wilmar International Ltd beat forecasts with a rise of 26 percent in third-quarter net profit, helped by its sugar business and a rebound in its oilseeds and grains unit after two quarters of losses. In related markets, Brent crude futures steadied above $107 on Friday and were poised to end the week with a marginal gain, but prices are likely to remain under pressure as the outlook for the global economy, and fuel demand, remains weak. In other vegetable oil markets, U.S. soyoil for December delivery edged down 0.6 percent in early Asian trade. The most active May 2013 soybean oil contract on the Dalian Commodity Exchange lost 1.1 percent. Palm, soy and crude oil prices at 0539 GMT Contract Month Last Change Low High Volume MY PALM OIL NOV2 2260 +3.00 2260 2260 6 MY PALM OIL DEC2 2282 -15.00 2277 2308 372 MY PALM OIL JAN3 2341 +5.00 2317 2364 5532 CHINA PALM OLEIN MAY3 6754 -66.00 6720 6794 558336 CHINA SOYOIL MAY3 8666 -94.00 8640 8758 621674 CBOT SOY OIL DEC2 48.48 -0.29 48.45 48.86 6738 NYMEX CRUDE DEC2 85.46 +0.37 84.93 85.58 5228 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)

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