Bean prices for the week of APR 24, 2012

Bean Prices

Happy Friday to everyone today. Lots of action in weather going into the weekend, here’s a brief look:

A plethora of rainfall to be expected across the Dakotas, while less rain attends to the Central Plains. The Pacific Northwest area will be nice and sunny with periodic rain in certain spots. Montana residents will need their rain boots much of the weekend while Colorado and the Delta region are mostly dry and nice.
Now back to bean market prices for the week of April 24, price action was steady for the most part as activity was slow with much of the bean industry in Dubai for the CILCILS convention earlier in the week. There were only 3 varieties this week that moved: Garbanzo dealers and growers displayed the size of their Garbanzo beans by asking for more beans for their beans, $55-57 was the bid/ask; up $2-3 from last week.

Great Northern’s loss some spunk and saw the floor drop by $1 on both sides. Expectations in the mid 50’s seems comfortable for now. All other varieties were flat as paper…….except Pintos.

Pinto dealers in WA/ID felt an additional jab of $1-$3 was good form based on the supply of light colored beans around, but dealers in N.D/MN countered with a $3-$2 punch drop to the mid 50’s. Both moves are valid, I like the jab upwards by WA/ID dealers who score points on having good quality, and I also liked the Rope-a-Dope feel of dealers in N.D/MN showing they are willing to get down and push volume with steady quality & lower prices.

With pinto bean acreage up in the U.S. and Canada, new highs achieved in price this season, current mixed price action, and a firm steady demand; the stage is set for another volatility experience to put it mildly.

Bottom line- Ever see those college license tags people put on the front of their car when one spouse goes to the bitter college sports rival school of the other spouse? Those tags say “The House Divided” and the tag shows both college sports rivals opposite each other. Well… this is what the pinto price action felt like this week. Except, instead of sports teams we would pit pinto bean dealers/growers in WA/ID vs N.D/MN.

The field is starting to rumble, place your bets!