ICE canola futures fall, break below $800

(All figures in Canadian dollars unless noted) WINNIPEG, Manitoba, Oct 16 (Reuters) — ICE canola futures settled lower on Friday and for the week, with four losing sessions in a row taking nearby prices beneath $800. November canola futures fell $2.90 to $798.80 per metric ton. Deferred months saw similar losses. The week saw four consecutive losses, with Monday trading suspended for the Canadian Thanksgiving holiday. With most farmers in Western Canada now finished harvesting, the pace of pricing has picked up, a trader said. Broker David Derwin said he has been encouraging farmers to protect prices above $800 by using options, either by selling cash and buying calls or holding on to the crop and buying puts. With present prices far above what most farmers expected a few months ago, downside protection should be a priority, Derwin said. "$800's a key level and it's starting to roll over." Brent crude oil rose about 3.5% and hit $110 briefly Friday on spreading chaosin the Middle East. Chicago soyoil edged lower 0.03% despite strength in crude. Soybeans fell 0.14%. GRA/ Euronext rapeseed futures fell 0.5%. Malaysian palm futures rose 2.45%. POI/ The Canadian dollar fell for the fou