ICE canola futures begin week higher

WINNIPEG, Manitoba - April 7 (Reuters) - ICE canola futures rose Monday as relief from Canadian canola apparently being free from U.S. tariffs continued to boost the oilseed crop.

• May canola RSK5 settled up $14.60 at $636.60 per metric ton. July RSN5 rose $16.30 to $643.

• May and July contracts now have similar volumes and open interest, with much spreading, traders said.

• The downside gap that appeared after China's announcement of tariffs on Canadian canola oil and meal has now been well filled, traders said.

• Canola's strength was based on relief over U.S. President Donald Trump leaving most Canadian products free from tariffs, so long as they comply with the USMCA trade deal, traders said.

• Chicago Board of Trade soyoil futures BOv1 weakened for a third day, falling 1.51% as the U.S.-China trade war raises worries of a soy glut in the U.S. if China buys less.

• Euronext rapeseed futures COMc1 opened lower but ended the Monday session nearly flat. Malaysian palm oil futures FCPOc3 gapped down at the open and closed down 3%. POI/

• The Canadian dollar CAD= weakened. CAD/

• Crude oil CLc1 stayed near US$60, weakening support for vegoils.