Happy 236th birthday and God bless America this week. Positive developments out of the Euro Summit over the weekend coupled with nasty dry weather conditions across corn, wheat, and soybean growing regions to fuel traders mojo on Sunday night which spurred gains across commodities for most of this week. Friday morning’s US Non-Farm Payrolls seemed to disappoint market participants and led equities and commodities off recent highs.
Not much has been going on in terms of price action within dry beans. All varieties were mostly steady except for small red beans dealers in WA/ID, which shook off $4 dollars on the bid and $2 off the ask. Michigan dealers also bid down $2 this week on small reds. North Dakota, Michigan, and Minnesota all reported good to excellent crop conditions and are expecting good harvests thus far. Difficult dry conditions persisted this week for growers in the Rocky Mountain bean production regions. Dry weather is causing concern for growers of bean crops in CO/NE at such a vital time in the growing cycle when rain is badly needed. The bad conditions carried on further East into the corn belt and drove commodities higher for most of the week.
Bottom line: Weather next few weeks is critical for all growers (especially if you’ve been in regions suffering the recent dryness), and no matter which crop is being grown. If its price indication you are looking for, stop watching Bloomberg or CNBC, just begin looking at your local TV’s hot weather female anchor as weather will dictate price action in the coming days + weeks!