ICE canola futures mixed despite soyoil surge

WINNIPEG, Manitoba, May 12 (Reuters) - ICE canola futures were slightly weaker for old-crop months and modestly higher for new-crop months on Monday, despite excitement in the Chicago grains complex and exuberance in equity markets.

• The news of a U.S.-China trade war ceasefire spurred a relief rally in both stock markets and Chicago Board of Trade grains futures contracts, as traders became hopeful that the China market for U.S. products could mostly re-open in coming months. Traders have been worried about U.S. crops like soybeans and corn becoming backed up in North America if the trade war was not resolved.

• July canola RSN5 settled down $1.50 at $710.60 per metric ton. November RSX5 settled up $6.20 at $676.80.

• The July-November spread tightened but still sits at a more than $30 per ton inverse.

• Chicago Board of Trade soyoil futures BOv1 benefited from both the trade war truce announcement and from U.S. Department of Agriculture reports that forecast tighter-than-expected soybean and corn ending stocks for the 2025-26 crop year, which are being planted now.

• Euronext August rapeseed futures COMQ5 rose 2.05%. Malaysian palm oil futures FCPOc3 were closed for a holiday. POI/

• The Canadian dollar CAD= fell to a one-month low versus the greenback as the U.S. currency rose on the trade war ceasefire news. CAD/