WINNIPEG, (Manitoba): ICE canola futures dropped on Wednesday for a second straight day, dragged down by a sell-off in soyoil on concerns about a lower US biofuels mandate.

The Biden administration’s proposal on Tuesday to scale back the US biofuels mandate weighed on soyoil and canola, a broker said.

Most-active March canola lost $10.90 to $982.80 per tonne.

January-March canola spread traded 4,944 times.

US soybean futures firmed, recovering from overnight weakness after the US Agriculture Department announced fresh export deals for both commodities.

Euronext February rapeseed futures rose and Malaysian February palm oil futures dipped.