WINNIPEG, (Manitoba): ICE canola futures dropped on Friday for a second straight day, dragged lower by weaker crude and soybean oil prices.

Canadian canola is overpriced compared to Australian supplies, a trader said, adding that profit-taking may also weigh on canola. Most-active March canola lost $1.70 to settle at $857 per tonne. March-May canola spread traded 3,275 times.

Chicago soybeans rose, with strength in soymeal and a recent spate of activity on the export market underpinning prices. Euronext February rapeseed futures edged higher.

A colder-than-usual spell in parts of Europe is not expected to cause much harm to winter grains and may benefit crops like rapeseed in France after a mild autumn, analysts said.