Soyoil rallies on Trump tariff plan, wheat rebounds [Video]

By Gus Trompiz and Naveen Thukral

PARIS/SINGAPORE, Nov 26 (Reuters) – Chicago soyoil futures climbed 3% on Tuesday as U.S. President-elect Donald Trump’s announcement of tariffs against major trading partners Canada and China raised the prospect of more domestic soyoil being used in biofuel, traders said.

Trump also promised tariffs against Mexico, a major export outlet for U.S. corn. Chicago corn futures were little changed as traders set the tariff news against a rebound in wheat.

Grain markets drew support from a bounce in crude oil <LCOc1> and a drop in the dollar <.DXY>, which gave up early gains that followed Trump’s tariff announcement.

Trump, who takes office on Jan. 20, said on Monday he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs and migrants crossing the border, while also outlining an additional 10% tariff on imports from China.

The move against Canadian imports caught grain markets …