ICE canola futures rebound from oversold territory

WINNIPEG, Manitoba, June 25 (Reuters) - ICE canola futures bounced back slightly on Wednesday from a two-day slump triggered by the Middle East ceasefire.

• July canola RSN5 settled up $4.40 at $697.80 per metric ton. November RSX5 settled up $8.40 at $714.60. Traders said the two-day June 23-24 selloff was too much compared to soyoil.

• The July-November canola spread is now giving a solid premium for 2025-grown canola, as the July contract sees open interest dropping as it moves towards expiry. November canola volume has grown since early June, but has not reached the peaks hit at the start of the Israel-Iran war on June 12-13.

• Traders are waiting to see what a June 27 Statistics Canada survey says about how much farmers told the agency they were seeding this spring. Trade battles with the U.S. and China, which knocked down canola prices in March, had some farmers considering backing away from canola and instead seeding more cereal crops. But May and June saw a strong recovery, reaching year-and-a-half highs, so that might have allowed farmers to stick with canola, traders said.

• Chicago Board of Trade soyoil futures BOv1 fell 0.55%.

• Euronext August rapeseed futures COMQ5 fell 1.13%.

• Malaysian palm oil futures FCPOc3 fell 0.28% on Wednesday. POI/

• Crude oil CLc1 was near flat on Wednesday, following a huge two-day selloff on the ceasefire news.

• The Canadian dollar CAD= weakened slightly. CAD/