ICE canola futures continue fall, near contract low on tariffs gloom

WINNIPEG, Manitoba - March 11 (Reuters) - ICE canola futures took another leg down Tuesday as the tariffs double-whammy continued to suck confidence out of the market, taking it near a five-month low.

• May canola RSK5 settled down $14.10 at $590.90 per metric ton. July had a similar decline but November and other new crop months only suffered about half as much loss.

• Tuesday's close was the lowest for the May contract since September 13's $579.70, the contract's lifetime low.

• Traders said gloom from the weekend announcement that China was planning to hit Canadian canola oil and meal with prohibitive tariffs is challenging the long-held view that crop stocks are extremely tight. If U.S. tariffs are re-imposed and China's kick-in as well, exporters will be hunting for worse-paying markets.

• Tuesday's drop continued the weakness seen Monday, when prices gapped down. Canola was relatively much weaker than other vegoils.

• Chicago Board of Trade soyoil futures BOv1 fell 0.78%.

• Euronext rapeseed futures COMc1 fell 0.36% and Malaysian palm oil futures FCPOc3 fell 0.24%. POI/

• The Canadian dollar CAD= rose slightly. CAD/