ICE canola futures fall Friday and for week

WINNIPEG, Manitoba, Aug 8 (Reuters) - ICE canola futures fell on Friday and for the holiday-shortened week, dragged lower by weakness in Chicago soyoil.

• November canola RSX5 settled down $7.90 at $669.40 per metric ton. January RSF6 fell $9.10 to $681.

• Canola futures had only one day of gains during the week but stayed within a range that some traders are describing as summer doldrums, with little news to move the market. The market was closed on Monday.

• Canola is following soyoil for general price direction, traders said.

• Canadian canola crops have been helped by rainfall in many areas this week, which will help crops reach their full potential. Some analysts are boosting their production estimates due to the good weather since early July in most areas.

• Chicago soyoil BOv1 and canola are mostly divorced from the other crop markets now that biofuels demand makes up so much of the value of vegetable oils in North America. "That's the power of government policy," said analyst and broker David Derwin of Ventum Financial about biofuels demand and vegoils.

• Chicago Board of Trade soybean futures Sv1, corn Cv1 and wheat Wv1 have fallen to near multi-year lows, while soyoil futures BOv1 remains near 21 month highs. Canola has fallen further than soyoil in the recent weakness, but is still relatively strong compared to other crops.

• Euronext August rapeseed futures COMc1 fell 1.16% and fell from last week. Rapeseed has been in a declining trend since November.

• Malaysian palm oil futures FCPOc3 rose 0.40% on Friday and rose for the week. POI/

• The Canadian dollar CAD= had a small gain for the week. CAD/