ICE canola futures fall in soyoil downdraft

WINNIPEG, Manitoba, Sept 17 (Reuters) - ICE canola futures fell on Wednesday, with a lukewarm reaction to a fresh crop report and weakness in soyoil dominating the market.

• November canola RSX5 settled down $12.70 at $628.10 per metric ton. January RSF6 fell $12.40 to $640.30.

• Statistics Canada reported a Canadian canola crop prediction of 20 million tons, which would be the biggest since 2018. The all-wheat crop of 36.6 million tons would be the biggest since 2013.

• Despite the large size of the crops predicted, many traders and analysts believe StatsCan has understated the true size of most crops including wheat and canola, with anecdotal reports from across the prairies suggesting even bigger than expected production.

• Canola was relatively strong compared to soyoil, with most of Wednesday's losses attributed by traders to spillover from soyoil rather than anything in the StatsCan report.

• Chicago Board of Trade soyoil futures BOv1 fell 2.67% as market players absorbed what Tuesday's U.S. proposed biofuels blending rules might mean for consumption.

• Euronext August rapeseed futures COMc1 fell 0.53%.

• Malaysian palm oil futures FCPOc3 rose 0.67%. POI/

• The Canadian dollar CAD= fell as the Canadian central bank cut its most important lending rate by 0.25%. The U.S. Federal Reserve Bank did the same. CAD/