November soyoil at the Multi Commodity Exchange (MCX) was down 0.40 rupees at 358.50 per 10 kg. The National Commodities and Derivatives Exchange December contract rose 0.10 rupees to 362.30.
Traders said prices will go up next week because of low market arrivals during festival holidays and movement of soy oil from Madhya Pradesh state, the main producing region, to other states.
India's soybean output this year is expected to be about 5.36 million tonnes, down from 5.85 million a year ago, according to the Central Organisation for Oil Industry and Trade.
Gold futures were marginally higher tracking prices in Asia.
December gold at MCX gained 14 rupees to 6,906 per 10 grams. February gold rose 16 rupees to 6,921.
Spot gold in Asia was at $472.40/472.90 an ounce in late afternoon trade, little changed from $472.20/473.00 an ounce last quoted in New York on Tuesday, when it rose more than $7.
Dealers said demand for jewellery in the festival season was low because of high prices.
Wheat futures fell but traders expected them to rise in the coming weeks when demand picks up in northern states during the winter season. India's southern states largely depend on the northern producing region for wheat.