The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was down 0.3% at 2,249 ringgit ($537.01) per tonne around noon.

"Palm prices are mirroring overnight declines in rival oil-seed soyoil," said a Kuala Lumpur-based futures trader, adding that profit-taking was also seen.

Palm hit a six-month high of 2,265 ringgit in the previous session, and has gained 2.6% so far this week on slower-than expected output and stronger exports.

Data released by a state millers association earlier this week showed slower output growth for the first 20 days of August compared with a month earlier, according to traders.

Malaysian palm oil exports during Aug. 1-20 rose between 6.2% and 13% from a month ago, data from cargo surveyors showed.

Meanwhile, U.S. soyoil futures on the Chicago Board of Trade declined 0.8% on Thursday, and were last down 0.03% on Friday.

In other related oils, the September soyoil contract on the Dalian exchange eased 0.1%, while the Dalian September palm oil contract rose 0.7%.

Palm oil prices are impacted by movements in related vegetable oils, as they compete for a share in the global edible oils market.