ICE canola futures pulled higher by soaring soy oil

WINNIPEG, Manitoba, April 1 (Reuters) - ICE canola futures rose Tuesday, but by less than half as much as soy oil, on tariff implications for Wednesday.

• Most-traded May canola RSK5 settled up $14.60 per metric ton at $627.10.

• July RSN5 settled up $13.90 at $632.80, putting it at a premium to new-crop November RSX5 at $630.40.

• Chicago Board of Trade soyoil futures BOv1 jumped 5.68% as traders prepared for the possible imposition of U.S. tariffs on Canadian products like canola on Wednesday.

• "I guess tariff announcements benefit bean oil, therefore we go along for the ride," said Tony Tryhuk of RBC Dominion Securities. Soy oil would be in short supply if U.S. tariffs made Canadian canola oil supplies unaffordable, traders and analysts say.

• Canadian canola oil is a major feedstock for U.S. biofuels production, with few other lucrative offshore markets. Tariffs on canola will relatively weaken canola, traders say.

• Euronext rapeseed COMc1 rose 1.89% to regain Monday's losses, which have followed a 10-day rally.

• The Canadian dollar CAD= rose while crude oil CLc1 stayed above $70 per barrel.