Bean Market July 2012 Week 4
Bean Market July 2012 Week 4: According to the seasonal drought outlook as of July 19, 2012 through Oct 31, there are some very tough conditions still expected for dry bean growers this year. Dry bean prices have been relatively quite for most of the summer, and even the current 2012 drought rally hasn’t been able to contribute any real influence on dry bean prices beyond keeping prices steady-Eddie.
There was some slight movement on pintos this week as customers continued to bid down dealers in ND/MN for about $1 and small red bean dealers in WA/ID postured themselves for a $2 gain on the bid; however, Michigan small red dealers found themselves unable to main a $2 premium this week and now have reached parity with WA/ID dealers.
Aside from the price movement in these 2 bean varieties, everything else was as expected in terms of price. Depending on the region, dry beans prices are being held hostage by mother-nature even more so than usual this year because of the 2012 drought.
Some would argue Rocky Mountain Bean Dealers are going to be most disadvantaged this upcoming crop because the region has received the brunt of the bad weather, while North Central Bean Dealers and Michigan Bean Shippers have enjoyed relatively good growing conditions and are expecting a decent harvest as long as weather cooperates.
Right now you could compare certain regional growers to a baseball game, imagine your team is in the bottom 8th inning of a game down several runs with the weakest part of the line up coming up to bat. There’s still a game to be played. All you can do is your best and stick it out hoping things change your way.
To learn more about USDA bean specifications please click here.
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