ICE canola futures split between old and new crop contracts

WINNIPEG, Manitoba - April 14 (Reuters) - ICE canola futures contract months split Monday, with July weakening while November rose.

• Most-traded July canola RSN5 settled down ten cents at $668.70 per metric ton, while November RSX5 rose $5.50 to $648.30.

• The narrowing of the July-November spread isn't a surprise after the recent nearby contracts rally, which has seen old crop months rise to a hefty premium to November and other contracts representing the crop farmers are about to plant in Western Canada, traders said.

• "It's had a really nice run," said Tony Tryhuk of RBC Dominion Securities about the May RSK5 and July contracts. Canola has been stronger than competing vegoils, especially in the nearby months.

• Trade has solidly shifted from the May to the July contract in both volume Monday and open interest.

• Chicago Board of Trade soyoil futures BOv1 weakened by 2.18% as U.S. crop futures were hit by forecasts of rain in the plains states.

• Euronext rapeseed futures COMc1 rose 2.06% and Malaysian palm oil futures FCPOc3 fell 1%. POI/

• The Canadian dollar CAD= softened but stayed at five-month highs. CAD/