Bean Market Update
Bean prices for the week of May 21 were steadily still as planting is underway for growers throughout bean producing states. There hasn’t been much happening in dry beans price action the last few weeks as everyone was preparing for planting season and making final adjustments with their plating agendas. Weather has been very good for growers in the Upper Mid West so far and the just the opposite for Texas and Mexican growers.
Pinto dealers were quoting mostly in the upper fifties as stockpiles of better than most color are vanishing throughout bins. Blacks and Small Reds were steady.
This Bloomberg chart is a comparison of following Indexes: UBS Bloomberg CMCI, S&P GSCI, RJ/CRB Commodity, Rogers Int over a 12 month period. Seems large commodity players have scaled back positions going into the final months of the season and into summer. Unseasonably good weather going into planting, recent highs in pricing, strong US dollar, and the geopolitical turmoil in Euro-land with the possible Greek exit from the Union presents turbulence to traders and commodity prices.
Bottom Line: Whatever you buy, buy as you need and remember sitting on the sideline is a position.