ICE canola futures fall on vegoils, crude oil weakness

WINNIPEG, Manitoba - May 5 (Reuters) - ICE canola futures dropped in sympathy with competing vegoils and crude oil on Monday.

• July canola RSN5 settled down $6.30 at $701.70 per metric ton. November RSX5 settled down 50 cents at $656.90. Contracts for 2026 all slightly rose.

• The old crop/new crop spread, which represents the difference between the crop harvested in Western Canada in 2024 and the one that will be harvested this autumn, tightened Monday but is still large by historical standards and compared to just a few weeks ago.

• Traders said July futures will be volatile as speculation grows about the true size of canola stocks, which some believe are substantially larger than Statistics Canada has reported.

• Chicago Board of Trade soyoil futures BOv1 fell 1.42% on general weakness in the Chicago grain markets on good U.S. crop planting progress, and lower prices for Asian palm oil.

• Euronext August rapeseed futures COMQ5 fell 0.58%. Malaysian palm oil futures FCPOc3 fell 1.39%, declining for a fifth straight session. POI/

• The Canadian dollar CAD= rose despite a decline in crude oil CLc1 prices. CAD/