ICE canola futures fall with soy, palm

WINNIPEG, Manitoba - May 6 (Reuters) - ICE canola futures fell in sympathy with Chicago soyoil and Asian palm oil on Tuesday.

• July canola RSN5 settled down $8.00 at $693.70 per metric ton. November RSX5 fell $1.00 to $655.90.

• The old crop/new crop spread, which shows different expectations for canola market fundamentals between the crop harvested in 2024 and that to be harvested in 2025, tightened again, but is still at a relatively high old crop premium of $37.80 per ton.

• Statistics Canada is set to publish its quarterly crop stocks estimates on Thursday, May 8. Traders are interested in the canola number because the present pace of exports and domestic processing suggests little should be left if the agency's crop size estimate was correct.

• Chicago Board of Trade soyoil futures BOv1 weakened, falling 0.78%, with relatively high prices and a lack of government policy support undermining the U.S. biofuels market.

• Euronext August rapeseed futures COMG5 rose 1.07%. Malaysian palm oil futures FCPOc3 fell 0.91%, declining for a sixth straight session. POI/

• The Canadian dollar CAD= hit a seven-month high after a convivial meeting between newly elected Prime Minister Mark Carney of Canada and U.S. President Donald Trump. Trump repeated numerous complaints and claims about Canada, including his wish for it to become a U.S. state, but the tone of the meeting was friendly, calming markets. CAD/