ICE canola futures firm despite vegoil weakness

All figures in Canadian dollars unless noted

WINNIPEG, Manitoba Jan 22 (Reuters) - ICE canola futures withstood the downdraft from other vegoil crops Wednesday to settle higher, benefiting from Brazilian soybeans' troubles and spread trading with Chicago soy.

• March canola futures RSH5 rose 60 cents to $630.10 per metric ton. Prices spiked at the open of the day session, hitting $639, before deflating through most of the rest of the session.

• Traders said profit-taking in the Chicago soy complex encouraged spread trading to the benefit of canola, with traders selling soyoil and buying canola, while Chinese restrictions on Brazilian soybean shipments made canola look likely to retain Chinese buyer interest.

• China has stopped accepting shipments of Brazilian soybeans from five firms on alleged phytosanitary concerns, according to a statement from the Brazilian government.

• Chicago Board of Trade soybean futures Sv1 fell 1.05% on profit-taking as well as the negative tone from the China-Brazil import situation. Soyoil futures BOv1 fell harder, down 2.95%, picking up downward pressure from weakness in palm oil.

• Euronext August rapeseed futures COMG5 were little changed and Malaysian palm oil futures FCPOc3 fell 1.22% on Wednesday. POI/

• The Canadian dollar CAD= weakened, as traders looked at Tuesday's lower inflation numbers in Canada compared to the U.S., as increasing the odds of more Bank of Canada interest rate cuts while U.S. rates are less likely to be reduced. CAD/

(Reporting by Ed White; Editing by Alan Barona)

((ed.white@thomsonreuters.com))