ICE canola futures ease as US tariff worries linger

All figures in Canadian dollars unless noted

Jan 21 (Reuters) - ICE canola futures struggled Tuesday as U.S. tariff threats hung over the market, traders said.

• March canola RSH5 settled down $2.40 at $629.50 per metric ton.

• Traders said the canola market is still wracked by uncertainty over possible U.S. tariffs on goods from Canada, although U.S. President Donald Trump's new administration did not immediately impose tariffs on Canada and other foreign crop suppliers.

• Trump said Monday that he might impose tariffs on Canada in February.

• Analyst David Mielke of German vegoils industry publication Oil World told Canadian canola growers on Tuesday that the canola market has bullish independent fundamentals, with global vegoil supplies tightening and Europe likely needing Canadian imports soon. Heavy stocks of U.S. soybeans and a glut of protein meal are restraining prices, Mielke added.

"It's this tug of war," said Mielke about the conflicting pressures of vegoil and meal dynamics in canola pricing.

• Chicago Board of Trade soyoil futures BOv1 rose 0.18%.

• Euronext August rapeseed futures COMG5 closed flat compared to Monday, and Malaysian palm oil futures FCPOc3 rose 1.28% on Tuesday. POI/

• The Canadian dollar CAD= fell against the greenback but regained much of its early session losses during the day. CAD/

(Reporting by Ed White; Editing by Shailesh Kuber)

((ed.white@thomsonreuters.com))