WINNIPEG--ICE Futures Canada canola contracts closed weaker Friday, undermined by profit-taking ahead of the weekend.

Spillover pressure from outside commodity markets, including Chicago soyoil and wheat futures, was also bearish, brokers said.

A recent pickup in farmer selling, the large Canadian supply situation, the stronger Canadian currency and expectations that Canadian canola acreage will increase this spring added to the bearish tone.

However, continued ideas that canola is undervalued compared to other oilseeds limited the losses, as did steady commercial demand.

Optimism that logistics problems in Western Canada are improving kept a firm floor under the market.

About 16,048 canola contracts traded Friday, compared with Thursday when 14,517 contracts changed hands. Spreading accounted for almost all of the trade activity.

Milling wheat, durum and barley futures were untraded following price revisions after the close on Thursday.

Settlement prices are in Canadian dollars per metric ton.

Price   Change

Canola

May 454.20 dn 4.80

Jul 464.40 dn 4.60

Nov 480.20 dn 4.00

Milling Wheat

May 218.00 unch

Jul 216.00 unch

Durum

May 250.00 unch

Jul 250.00 unch

Barley

May 130.50 unch

Jul 128.50 unch

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

Canola

Months  Prices                     Volume

May/Jul 10.20 under to 9.90 under 3,360

May/Nov 26.00 under to 25.10 under   620 
   May/Jan 33.00 under to 32.80 under   176

Jul/Nov 15.80 under to 15.10 under 3,000

Jul/Jan 22.70 under                    1 
   Nov/Jan  7.40 under to 7.10 under    475 
   Nov/Mar 14.50 under to 14.00 under   183 
   Nov/May 20.70 under                   10 
   Nov/Jul 25.50 under                    1 
   Jan/Mar  7.10 under to 6.80 under    172 
   Jan/May 13.40 under                    4 
   Mar/May  6.90 under to 6.20 under     30 
   Mar/Jul 11.40 under                    1