Weather Dominates Soy Markets

CHATHAM - Feb 3/06 - SNS -- Soybean markets were dominated by weather concerns in South America most of the past week, asserts Mike Bakker, Policy Analyst, Ontario Soybean Growers.

"Drier weather increased prices at the start of the week with rains mid-week limiting any gains by week's end," he said. "Cash prices for Chatham, London and Hensall for February 2, 2006 were: $6.26, $6.26 and $6.13 all up 11-12 cents from the previous week."

Bakker said growers could see "pricing opportunities in the market from unstable weather patterns predicted in South America over the next few weeks."

Bakker added, "There is also a concern that the long-term weather pattern in Argentina may be adding underlying support to the market. Market analysts have noted that if Brazil and Argentina production numbers are close to recent estimates, the world faces the possibility of carrying a record supply of soybeans into the coming season."

Subscribers can read the full text of the article by Clicking here