CHICAGO, May 21 (Reuters) - ICE (NYSE:ICE) Canada canola futures weakened on Tuesday, giving up early gains on technical selling and pressure from a late downturn in the soybean market traders said.
* Commercial hedging also was noted as farmers booked some cash market sales when futures prices peaked at their highest in nearly a month.
* July canola RSN9 lost 80 cents to $442.40 per tonne.
* The contract peaked at $449.40 but failed to hold support above its 30-day moving average.
* July-November canola spread traded 4,313 times.
* Chicago July soybeans SN9 closed down 9-3/4 cents at $8.22 a bushel on fears of expanded planting this spring after a media report that the Trump administration was considering large aid payments for soy farmers.
* Paris Matif August rapeseed futures /COMQ9 and Malaysian July palm oil futures /1FCPON9 were both weaker.
* The Canadian dollar strengthened to an 11-day high against its U.S. counterpart on Tuesday as investors grew less fearful of further escalation in the U.S.-China trade war.