WINNIPEG, Manitoba, Aug 23 (Reuters) - ICE (NYSE:ICE) canola futures dipped on Friday, dragged lower by sliding soybean prices as the United States' trade war with China escalated.
* China said on Friday it will impose an extra 5% tariff on U.S. soybeans from Sept 1, and additional 10% duties on U.S. wheat, corn and sorghum from Dec. 15. Strong Canadian crush margins and a slow pace of farmer canola selling underpin prices.
* November canola RSX9 lost $3.20 to $449.90 per tonne.
* November-January canola spread traded 1,097 times.
* Traders are adjusting positions ahead of Wednesday's Statistics Canada crop report. On average, traders and analysts surveyed by Reuters expect an 18.9 million tonne Canadian canola crop, down from 20.3 million last year. Chicago November soybeans SX9 dropped after China vowed to raise tariffs on U.S. products. Euronext November rapeseed futures /COMX9 dipped and Malaysian October palm oil futures /FCPOV9 rose.
* The Canadian dollar CAD= weakened against its U.S. counterpart, adding to the previous session's losses, as escalating trade tensions reduced global risk appetite and investors awaited a speech by the Federal Reserve's chair. CAD/