ICE canola futures continue fall, hitting lows

WINNIPEG, Manitoba - March 12 (Reuters) - ICE canola futures continued to tumble Wednesday, despite a farmer survey saying farmers intend to cut canola acres and boost wheat planting this spring, hitting multi-year lows.

• May canola RSK5 settled down $17.60 at $573.30 per metric ton. The May and July contracts fell a similar amount but new-crop November and January fell about one-third less. This brings prices to the lowest since 2020, with the impact of U.S. and Chinese tariffs darkening the demand outlook.

• The Statistics Canada spring planting intentions report has farmers planting 21.6 million acres of canola and 27.5 million acres of all-wheat, including durum.

• The survey was undertaken from mid-December to mid-January, before the U.S. Trump administration's tariff threats heated up. That means the StatsCan results need to be seen as less reliable than in most years.

• "You have to put this in pencil. There are going to be severe changes here," said Jerry Klassen of Resilient Capital. "Farmers have altered their seeding intentions since."

• Chicago Board of Trade soyoil futures BOv1 fell 0.6%, compared to almost 3% for canola.

• Euronext rapeseed futures COMc1 rose/fell 1.35% and Malaysian palm oil futures FCPOc3 were flat. POI/

• The Canadian dollar CAD= gained despite a quarter-point cut in the central bank lending rate. CAD/