Bean Market June 2012
Bean Market June 2012:
Firstly, weekly USDA dry bean prices were flat again this week. Growers performed some spring cleaning within their plants and prepared for new crop inventory. The usual suspects of pintos, blacks, small reds, and garbanzos stayed in their current price zones based on quality and availability. Seeding has all but wrapped up in most bean producing states. The largest growing states are all looking good with most crops fully emerged.
Weather is holding steady in those areas so far. Growers this year are going to need conditions to be more favorable in July than August with the early planting. Bad weather has made it hard this week for farmers across the center of the country. Wyoming, Colorado, South Dakota and parts of Nebraska are getting scorched with nature’s flamethrower of high triple digit temperatures causing severe dry conditions. The bad weather has seemed to provide a small rally in commodities this week.
Moreover, the financial markets attention is geared towards the upcoming European Summit. Traders are closing up their month and certain commodities could have a hangover next week if markets decide not enough was done by Germany, or its counterparts to relieve the Euro banking crisis. Asian markets on Sunday night should give traders an insight into the trading flow of next week. In conclusion, dry bean prices were mostly flat as farmers grow new crop and prepare for harvest.
Bottom Line: Continue buying market to market for now
To learn more about USDA bean specifications please click here.
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