ICE canola futures fall Friday and for the week on China tariffs

WINNIPEG, Manitoba - March 14 (Reuters) - ICE canola futures fell again Friday, ending a week that saw a sharp sell-off following a Chinese tariff announcement and weakness in soyoil.

• May canola RSK5 settled down $6.40 at $560.50 per metric ton. Other contract months were similar. New-crop November is now at a premium to the 2024-25 crop months.

• China's announcement that it is intending to hit Canadian canola oil and meal with a 100% tariff from March 20 knocked futures to a gap-down Monday and losses on each subsequent day, making it much weaker than competing vegoils during the week. May lost $84.50 per ton since the Chinese announcement.

• "The Chinese tariff continues to play an important role in the demand expectations for canola," said Tony Tryhuk of RBC Dominion Securities. "Down we go. We've got to uncover fresh business before we see some stability and a pop in values, because you can bet the farmer won't participate on this price decline."

• For months, traders have felt Canadian canola is undervalued, with tight stocks and booming demand. But now that American tariffs might actually be imposed for more than just a few days, and China's oil and meal markets closed off by the newly announced tariffs, there is little confidence that remaining demand justifies higher prices.

• Chicago Board of Trade soyoil futures BOv1 rose 0.75% but fell for the week, sharing the negative sentiment in other vegoils.

• Euronext rapeseed futures COMc1 fell another 0.53%, suffering lighter losses than canola but also experiencing a week of day-after-day losses. Malaysian palm oil futures FCPOc3 rose 0.82% Friday but were lower for the week on demand weakness. POI/

• The Canadian dollar CAD= rose. CAD/