ICE canola futures continue rise on low stocks, momentum

WINNIPEG, Manitoba - April 23 (Reuters) - ICE canola futures were higher for a second day on Wednesday, with traders seeing the oilseed back within a rising trend.

• July canola RSN5 settled up $2.80 at $682.30 per metric ton, with a similar gain in new-crop November RSX5.

• Traders said the return to the rising trendline, taking canola to the peaks of the range that has held since November, combined with very low physical stocks in Western Canada is making many bullish.

• "If demand doesn't ration-off quickly, we're into negative stock scenarios," said a trader. Farmers have backed away from making new sales since many are now almost at the point of seeding the new crop, while demand remains strong.

• Chicago Board of Trade soyoil futures BOv1 rose 0.65%.

• Nearby Euronext rapeseed futures COMc1 fell 2.09% as volume declines in the liquidation phase of the May contract. Malaysian palm oil futures FCPOc3 rose 1.79% on Wednesday on bargain-hunting and spillover strength from other vegoils. POI/

• The Canadian dollar CAD= weakened on optimism about trade tensions lessening. CAD/