WINNIPEG, Manitoba--ICE canola futures were weaker Tuesday morning, taking back some of Monday's gains.

Canola futures had set fresh contract highs on Monday but were starting to look overbought from a technical standpoint and due for a correction.

A softer tone in crude oil, as peace negotiations reportedly resumed between the U.S. and Iran, accounted for some of the bearish activity in the grains and oilseeds.

The Chicago soy complex and European rapeseed were also lower, while Malaysian palm oil remained closed for holidays.

Seeding delays in parts of Western Canada were supportive, although the high prices should be encouraging farmers to get as much canola in the ground as possible, said an analyst.

About 15,200 canola contracts had traded as of 9:47 a.m. EDT.


Prices in Canadian dollars per metric ton at 9:47 a.m. EDT: 


 
           Price      Change 
Jul       772.30     dn 4.30 
Nov       780.50     dn 5.80 
Jan       788.40     dn 5.30 
Mar       793.90     dn 5.20

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

06-02-26 1025ET