ICE canola ends down; weather boosts production prospects

July 21 (Reuters) - ICE canola futures ended lower on Monday, pressured by benign crop weather in the Canadian Prairies, while commercial pricing kept a floor under prices, traders said.

• Forecasters noted beneficial rains in portions of the northern U.S. Plains and Canadian Prairies and cooler-than-normal weekend temperatures that should aid crop development.

• Benchmark November canola RSX5 settled down $6.20 at $694.10 per metric ton.

• January canola RSF6 ended down $5.60 at $703.90 a ton.

• The November-January canola spread RSX5-F6 weakened, with the November contract RSX5 widening its discount to the January RSF6 contract to $9.80, from $9.20 on Friday.

• However, commercial buying emerged to help lift futures off of the day's lows, traders said.

• Canola also drew support from a bounce in allied Chicago Board of Trade soyoil BOv1 futures.

• Benchmark CBOT December soyoil BOZ25 settled up 0.23 U.S. cent, or 0.41%, at 55.82 U.S. cents per pound, rallying after a dip to 54.71 cents.

• Euronext November rapeseed futures COMX5 fell 0.77% and Malaysian palm oil futures FCPOc3 ended Monday down 2.09%, erasing much of Friday's rally. POI/