ICE Canadian canola futures eased on Friday on weakness in soybeans and profit-taking, but posted a third straight weekly gain. Tight supplies underpinned canola, traders said, keeping its losses more modest than oilseed rival soybeans. January canola slipped 80 cents or 0.1 percent to $598.60 on volume of 10,886 contracts. Finished with weekly gain of 0.7 percent. March canola dipped $2.00 to $595.10 on volume of 9,086 contracts. January-March spread widened to a January premium of $3.50, trading 7,049 times.

Copyright Reuters, 2012