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Positive Pressure on Soybeans
CHATHAM - Mar 3/06 - SNS -- There was positive pressure on soybean markets during the past week from a lack of producers selling and heavy fund buying, says Mike Bakker, Policy Analyst, Ontario Soybean Growers.
"But there were underlying concerns from massive supplies and the prospect of bird flu," he said. Cash prices for Chatham, London and Hensall for March 2 were: CDN $6.27 per bushel, $6,26 and $6.29, up 13-17 cents from the previous week.
"Despite negative news of massive carry over supplies and concerns of bird flu the market improved slightly this week from large fund buying and lack of selling by U.S. and Brazilian producers, " Bakker said.
"Analysts have reported that market funds were buyers of nearly 4,000 soybean contracts and 2,500 meal contracts."
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