ICE canola ends firm; rally capped by good weather, US soyoil slides

July 18 (Reuters) - ICE canola futures closed modestly firmer on Friday but well off the day's highs as a retreat in U.S. soyoil futures and favorable crop weather in the Canadian Prairies cooled a round of technical buying, traders said.

• Benchmark November canola RSX5 settled up 40 cents at $700.30 per metric ton, paring gains after rising to $712.80, its highest since July 7.

• January canola RSF6 ended up 80 cents at $709.50 a ton after reaching $721.10.

• The November contract RSX5 surged early in the session, gaining momentum as it pushed above its 50- and 20-day moving averages. But buying interest faded, and both the November and January contracts traded lower at times before finishing slightly higher for the day.

• November canola slipped below its 20-day average by the closing bell, but stayed above its 50-day average near $697.

• On the Chicago Board of Trade, most-active December soyoil futures BOZ25 settled down 0.56 U.S. cent, or 1%, at 55.59 U.S. cents per pound, turning lower after a climb to 56.95 cents.

• Euronext November rapeseed futures COMX5 fell 0.67% while Malaysian palm oil futures FCPOc3 soared, settling up 2.52%. POI/