Soybeans Pressured Lower

CHATHAM - Apr 7/06 - SNS -- Soybean markets were pressured lower during the past week by the prospect of record season ending stocks in the United States and a record breaking South American crop, notes Mike Bakker, Policy Analyst, Ontario Soybean Growers.

"Further negative pressure was put on local cash prices by an appreciating Canadian dollar," he said. Cash prices for Chatham, London and Hensall for April 6, 2006 were: CDN $5.96 per bushel, $5.97 and $5.94, all down 30-36 cents from the previous week.

The Canadian dollar gained ground by week’s end after a government report showed a surge in jobs added to the economy and the jobless rate at the lowest in more than 31 years.

"There is huge strength in employment – It shows continued strength in the labor market, which supports the Canadian dollar," said Eric Lascelles, a strategist at TD securities in Toronto. "The Bank of Canada may look closely at this number and sit up and think about whether they should increase interest rates further. There is probability they may go beyond 4 percent."

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