ICE canola futures follow soyoil lower

WINNIPEG, Manitoba, June 18 (Reuters) - ICE canola futures softened on Wednesday, following weakness in Chicago soyoil.

• November canola RSX5 settled down $3.40 at $736.40 per metric ton. July RSN5 fell $6 to $738.50.

• The July-November spread continued to tighten, with the old crop premium continuing to slip.

• Dry conditions across much of Western Canada continue to worry both farmers and traders. The crop was seeded quickly and in good condition, but most farmers need rain. Precipitation is forecast for most areas in the next week, but farmers need more than showers to get the crop back to an average situation, provincial crop reports say.

• Chicago Board of Trade soyoil futures BOv1 were near-flat, dropping 0.04%, staying near the top of a 19-month peak.

• Euronext August rapeseed futures COMQ5 rose 0.3%

• Malaysian palm oil futures FCPOc3 rose 0.89% on strength in competing vegoil markets. POI/

• The Canadian dollar CAD= was higher on Wednesday. CAD/