ICE canola futures rise Friday in week of light trade

WINNIPEG, Manitoba, May 23 (Reuters) - ICE canola futures spent most of the week rangebound in light trade, closing Friday near where they closed Tuesday following the Canadian national holiday on Monday.

• July canola RSN5 settled up $4.90 at $720.80 per metric ton. November RSX5 settled up $2.50 at $688.30.

• Traders say canola futures are moving into a weather market but not much has yet caused a scare in Western Canada. Frost is fading as a factor and dryness in certain key areas like central Saskatchewan is not yet spooking buyers.

• "We're not seeing it," said Tony Tryhuk of RBC Dominion Securities about the dryness factor, which in recent years has been a major concern.

• Chicago Board of Trade soyoil futures BOv1 closed up 0.49% on Friday. Except for Thursday, which saw a surge in trading on worries about U.S. biofuels policies, futures volume was light this week.

• Euronext August rapeseed futures COMQ5 rose 0.15% on Friday in a week that saw a gradual rise. Malaysian palm oil futures FCPOc3 rose 0.18% in a week that saw little change. POI/

• The Canadian dollar CAD= gained 1% to a seven-month high on greenback weakness and speculation that the Canadian central bank will not soon cut rates. CAD/