ICE canola futures join vegoils rally

WINNIPEG, Manitoba, May 13 (Reuters) - ICE canola futures tagged along with other vegoils on Tuesday, rising more than 2.6%.

• July canola RSN5 settled up $18.70 at $729.30 per metric ton. November RSX5 rose $13 to $689.80.

• Traders said Canadian canola is still undervalued compared to other vegoils, unless there are much bigger stocks than Statistics Canada reported last week. However, weather in Western Canada will now become a bigger factor than stocks and usage, with farmers busy seeding.

• Canadian Prime Minister Mark Carney unveiled his new cabinet on Tuesday. Heath MacDonald of Prince Edward Island was named agriculture minister. Farm groups said dealing with China's tariffs on Canadian canola products should be a priority for the new minister and others involved in trade and foreign relations.

• Chicago Board of Trade soyoil futures BOv1 rose 3.12% on continued optimism about the U.S.-China trade deal and on U.S. biofuels policy.

• Euronext August rapeseed futures COMQ5 rose 1.77%. Malaysian palm oil futures FCPOc3 rose 2.07% following a holiday, continuing a rebound that began May 8 on strength in vegoils and currency factors. POI/

• The Canadian dollar CAD= was little moved on Tuesday. CAD/