ICE canola hits one-month low as Canadian crop weather improves

July 11 (Reuters) - ICE canola futures closed lower on Friday as pressure from improving weather in the Canadian Prairies and fund-driven selling overshadowed a round of bargain-buying after the market fell to one-month lows.

• Some forecasts called for less heat and beneficial rains in the Prairies early next week.

• Benchmark November canola RSX5 settled down $2.40 at $682.70 per metric ton, paring losses after dipping to $673.20, its lowest since June 5.

• January canola RSF6 ended down $2.50 at $691.10 per ton after hitting $682, its lowest since June 5.

• Both the November and January contracts turned higher at times, supported by buying that was likely tied to export pricing, one broker said.

• On the Chicago Board of Trade, most-active December soyoil futures BOZ25 settled up 0.18 U.S. cent, or 0.34%, at 53.65 U.S. cents per pound.

• U.S. biofuel makers will consume more than half of all soybean oil produced in the United States next year as a recent flurry of federal policy moves has transformed the sector, the U.S. Department of Agriculture said.

• Euronext November rapeseed futures COMX5 fell 0.21%, while Malaysian palm oil futures FCPOc3 rose 0.68%. POI/

• Crude oil CLc1 rose nearly 3% as the International Energy Agency said the world oil market was tighter than it appears. O/R

• The Canadian dollar hit a two-week low against its U.S. counterpart as U.S. President Donald Trump ramped up his tariff assault on Canada, but the move was limited after domestic jobs data raised expectations that the Bank of Canada would remain on hold this month. CAD/