ICE canola futures fall with soyoil, good weather

WINNIPEG, Manitoba, July 30 (Reuters) - ICE canola futures fell on Wednesday, dragged down by weakness in Chicago soyoil and good weather in Western Canada.

• November canola RSX5 settled down $6.00 at $696.30 per metric ton. January RSF6 settled down $5.00 at $707.50.

• Volume increased for a third day in a row after hitting low levels on July 25 for the nearby contract, almost doubling since that short term bottom.

• Losses in Chicago soy undermined the canola market, traders said.

• Crop watchers in much of the Canadian prairies report canola crops that look good to excellent, but with signficant areas suffering drought. Some analysts are moving higher their crop estimates.

• Weather continues to be the dominant influence on the canola market, traders said. Relatively cool weather is helping along the crop as it is now mostly in the pod-filling stage.

• Chicago Board of Trade soybean futures Sv1 fell for a fourth session and soyoil futures BOv1 joined in with a 1.18%loss and a close near the session's lows, with a sharp selloff near the end.

• Nearby soyoil hit an almost two-year high in intraday trading but sold off later in the session.

• Euronext August rapeseed futures COMQ5 rose 0.38%.

• Malaysian palm oil futures FCPOc3 rose 0.56%. POI/

• The Canadian dollar CAD= fell for a fifth straight session. CAD/