ICE canola futures fall as Trump threatens tariffs

(All figures in Canadian dollars unless noted)

CHICAGO, Nov 26 (Reuters) - ICE canola futures took a dip on Tuesday as U.S. President-elect Donald Trump announced he would pursue tariffs against goods imported to the U.S. from Canada.

* "The sell-off has been emotional, with panic long liquidation and fund selling applying the pressure. We are unsure whether the lower prices will trigger panic farmer selling," said one trader on Tuesday.

* Dustin Gabor, head of GrainShark, noted that palm oil and soybean oil remained strong, even though canola often follows those commodities. "Canola is trading with its own mind today," Gabor said.

* Traders said there is concern that Trump's tariffs could mean Canada's canola exports would be replaced by U.S. soyoil in the biodiesel market, if enacted.

* January canola settled down $2.40 at $585.00 per metric ton. March canola closed down $11.70 at $594.20.

* Chicago Board of Trade soybean futures lost 2-1/4 U.S. cents to close at $9.83-1/2, while soyoil futures gained 1.38 U.S. cents to settle at 42.71 cents per pound.

* Malaysian palm oil futures gained 0.21%.

(Reporting by Renee Hickman; Editing by Mohammed Safi Shamsi)

((renee.hickman@thomsonreuters.com))