WINNIPEG, Manitoba, March 19 (Reuters) - ICE Canada canola futures dipped on Monday, weighed down by rains in parched Argentina that spurred a selloff in soybeans on the Chicago Board of Trade.
* The rains will help Argentine soybeans, which pressured prices of CBOT soybean futures. Still, much damage is already done and Rosario Grains Exchange last week slashed 14 percent off its crop forecast. May canola RSK8 lost $5.40 to $517.70 per tonne.
* The May-July canola spread traded 2,224 times.
* Chicago May soybeans SK8 fell on Argentina's rains and technical selling. NYSE MATIF May rapeseed COMK8 dipped and Malaysian May crude palm oil 1FCPOK8 rose.
* The Canadian dollar CAD= was trading at $1.3061 to the U.S. dollar, or 76.56 U.S. cents at 12:58 p.m. CDT (1758 GMT).