Canola prices were mixed in a narrow range after the big fall on Wednesday.
Soybeans closed slightly higher.
The market was supported by short covering, where those who had sold contracts at higher levels bought back into the market now that prices are lower.
Fundamentals remain negative with a large South American crop expected, but a heat wave is developing in parts of Argentina that might stress young crops if more rain is not timely.
The Buenos Aires Grain Exchange has forecast the Argentine soybean crop at 51 million tonnes.
March canola fell 20 cents to close at $376.70 per tonne on 9,303 trades.
New crop November fell 20 cents to $396 per tonne on 667 trades.
The Canadian dollar at noon Thursday was 93.96 cents US, up from 93.84 cents the previous trading day. The U.S. dollar was worth $1.0643 Cdn.
The Winnipeg March barley contract was steady at $148 per tonne with 35 trades. May was steady to $153 on no trades.
March soybeans rose 2.75 cents to $9.3175 US per bushel.
Light crude oil in New York closed at $73.89 per barrel, up 22 cents.
U.S. president Barack Obama’s State of the Union speech Wednesday night was light on efforts to curb big bank market trading and heavy on job creation and fiscal restraint.
