ICE canola futures boosted by global tariffs suspension

WINNIPEG, Manitoba, April 9 (Reuters) - ICE canola futures edged higher on Wednesday, with a powerful upturn from soyoil after the White House announced a 90-day "pause" on many global tariffs.

• The news broke after noon Wednesday, with an immediate surge in prices across many markets including crop commodities. The U.S. Trump administration announced that it was going to suspend many of its worldwide tariffs on countries that had approached it about negotiating trade deals.

• The U.S. tariffs on China, boosted to 125%, will remain, however. China had announced 84% tariffs on U.S. products. China is a major purchaser of U.S. soybeans, which compete with canola in Chinese seed, oil and meal markets.

• May canola RSK5 settled up $5.20 at $651.40 per metric ton.

• Chicago Board of Trade soybean futures Sv1 surged on the news that many of the U.S. tariffs on countries other than China would be put on "pause" for 90 days. Soyoil futures BOv1 rose 2.78%.

• Euronext rapeseed futures COMc1 fell 1.79% and Malaysian palm oil futures FCPOc3 fell 0.96 on tariff worries and weakness in the Dalian and Chicago vegoils markets. Both markets closed before the U.S. tariffs news broke. POI/

• Crude oil CLc1 bounced back well above $60 per barrel after closing below that psychologically important level Tuesday. The Canadian dollar CAD= rose. CAD/