ICE canola futures fall on rain

WINNIPEG, Manitoba, July 7 (Reuters) - ICE canola futures fell more than 3% on Monday, as rain hit significant parts of Western Canada, with weakness in Chicago soyoil speeding the decline.

• November canola RSX5 settled down $22.90 at $696.80 per metric ton. Other new crop contracts fell similar amounts. Despite the decline, canola prices are still higher than they have been for more than a year.

• Rain fell in some parts of Western Canada over the weekend, and many areas have forecasts for significant rainfall this week. Traders said canola will be in a twitchy weather market until at least late August.

• Despite rainfall in recent days, Western Canada remains in a multi-year dry cycle. Traders said crops are doing fine as long as they get some rain each week, but few crops can handle more than ten days without rain.

• Chicago Board of Trade soyoil futures BOv1 fell 1.48% on a combination of forecasts for rainfall in large areas and the lack of a U.S.-China trade deal being announced or teased.

• Euronext August rapeseed futures COMG5 fell 0.32%.

• Malaysian palm oil futures FCPOc3 rose 0.22%. POI/

• Crude oil CLc1 was up more than 1.6% on Monday afternoon.

• The Canadian dollar CAD= weakened. CAD/