ICE canola futures rocked by Trump tariff news

All figures in Canadian dollars unless noted

WINNIPEG, Manitoba, Jan 31 (Reuters) - ICE canola futures shot around in volatile trade Friday as President Donald Trump's tariff-related headlines rocked vegoil markets.

• March canola RSH5 settled down $2.10 at $638.10 per metric ton. Trading volume was about double that of recent sessions.

• There was much spread trading between canola and Chicago Board of Trade soyoil BOv1 and soybeans Sv1 on new tariff news, which happened throughout the Friday session, traders said. The U.S. Trump administration has threatened to introduce tariffs on Canadian products of up to 25% Feb. 1 but has not made clear exactly what is likely to be imposed.

Tariffs would make canola, a vegetable oil crop, relatively more expensive for U.S. buyers compared to U.S. soybeans, soyoil and soy meal, unless canola prices fall by as much as tariffs increase the price for buyers. The U.S. is a major market for Canadian canola and the main market for canola oil sales.

• CBOT soyoil futures BOv1 shot higher Friday and closed up 2.51% at 46.11 U.S. cents per pound. The high of 46.81 was hit around 11 a.m. but sold off on tariff news, traders said, falling to 44.78 just before noon, before rebounding on more tariff news.

• Euronext August rapeseed futures COMc1 rose 4.47% as Malaysian palm oil futures FCPOc3 returned from the holiday suspension to rise 0.23% . POI/

• The Canadian dollar CAD= dropped, hitting almost five-year lows on fears of tariffs' impact. CAD/