ICE canola futures crash on China tariffs, vegoil weakness

WINNIPEG, Manitoba - March 10 (Reuters) - ICE canola futures dropped like a rock on Monday, following news that China is planning to impose prohibitive tariffs on Canadian canola products.

• May canola RSK5 settled down $40 at $605 per metric ton — a 6.2% fall. November RSX5 was down $18.40 to $620.60, but hit $599 during the session before recovering most of the losses after the open.

• The flop fell on a day that saw widespread vegoils weakness and equity market tremors, but traders said China's announcement Friday night that it is applying 100% tariffs on Canadian canola oil and meal imports hammered the Winnipeg market.

• "Today, there's just no buying in the market," said independent analyst Jerry Klassen. "The domestic crush is really going to take a beating here."

• Canadian canola seed was left off the list of tariffed commodities. Canadian pork and peas will also face tariffs from March 20.

• Chicago Board of Trade soyoil futures BOv1 fell 2.67%.

• Euronext rapeseed futures COMc1 fell 2.82% and Malaysian palm oil futures FCPOc3 fell 2.72% Monday on profit-taking and spillover weakness from Chicago. POI/

• The Canadian dollar CAD= weakened on expectations of an imminent Bank of Canada rate cut, weakness in equity markets causing a flight-to-safety, and the dangers to Canadian exports from Chinese and American tariffs. CAD/