ICE canola futures slump on surprise canola tariffs

WINNIPEG, Manitoba, Aug 12 (Reuters) - ICE canola futures slumped on China imposing temporary tariffs on Canadian canola from Thursday, but bounced well off session lows.

• November canola RSFX5 settled down $30.50 at $650.30 per metric ton. January RSF6 fell $29.10 to $663.10. The daily limit is $45, which is where the market bounced back during the session.

• The shock news from China, which is imposing 78.5% temporary anti-dumping duties on Canadian canola as of Thursday, came in the middle of the night in Canada, but when traders and commercial users of canola awoke to it, extreme volatility followed.

• "Volume was absolutely out of the world today," said trader Tony Tryhuk of RBC Dominion Securities. More than 106,000 contracts traded for the November contract alone. On Monday, volume was just over 26,000.

• China previously hit Canadian canola meal and canola oil with tariffs after Canada imposed hefty tariffs on Chinese electric vehicles, but most of Canada's canola trade to China is on canola seed, which had been left out of those tariffs. Now, canola seed shipments to China are "effectively closed" by the new tariffs, the industry said.

• China is Canada's most important market for canola seed exports.

• The tariffs are described as temporary, with a permanent decision still coming.

• Chicago Board of Trade soybean futures Sv1 and soyoil futures BOv1 rose on USDA acreage projections that found more corn acres and fewer for soybeans.

• Euronext rapeseed futures COMc1 fell 1.48%

• Malaysian palm oil futures FCPOc3 rose 0.59%. POI/

• The Canadian dollar CAD= was little changed. CAD/