CHICAGO, March 8 (Reuters) - ICE (NYSE:ICE) May canola futures RSK9 closed modestly higher on Friday, pausing after setting a series of contract lows this week amid worries about demand from China, a top importer of the oilseed, traders said.
* China confirmed on Thursday that it suspended the clearance of canola imports from Canadian agribusiness Richardson International after saying it found pests and said customs will step up inspections of Canadian canola until further notice. China on Friday raised its forecast for 2018/19 soybean imports to 85 million tonnes, from 83.65 million previously, after suspending some imports of canola. Canada and China are locked in a dispute over trade and telecoms technology that has ensnared the chief financial officer of Huawei Technologies Ltd HWT.UL , the world's largest telecommunications equipment maker, who faces U.S. criminal charges.
* Most-active May canola RSK9 settled up $1.10 at $457.30 per tonne.
* July canola RSN9 rose $1.10 to settle at $466.10.
* "The only thing you saw today was probably a bit of short covering, profit-taking for anyone who was short this week. I wouldn't say we've moved past the thing with Richardson, but we are looking for fresh news," one trader said.
* Spreading was a feature, with the May-July canola spread RSK9-N9 trading 2,075 times between $8.60 and $9, premium July.
* Chicago May soybeans SK9 finished down 6-3/4 U.S. cents at US$8.95-3/4 per bushel on technical selling and ample U.S. and world soy supplies. Malaysian May palm oil futures 1FCPOK9 fell 0.47 percent.
* The Canadian dollar CAD= was trading at $1.3403 to the U.S. dollar, or 74.61 U.S. cents at 2:55 p.m. CST (2055 GMT), strengthening against its U.S. counterpart as investors slashed bets on an interest rate cut this year by the Bank of Canada.