Weekly USDA dry bean prices were basically flat again this week as growers perform the equivalency of spring cleaning within their facilities and prepare for new crop inventories. The usual suspects of pintos, blacks, small reds, and garbanzos were all good little beans and stayed in their current respective price zones based on quality availability. Seeding has all but wrapped up in most bean producing states. The big 3: ND, MN, MI are all looking good with most crops fully emerged and weather holding steady in those areas so far; but with this year’s early planting of a few weeks growers are going to need conditions to be more favorable in July than August.
Unfavorable weather has been difficult 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; however with financial markets attention geared towards the upcoming European Summit and traders closing up their month 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.
Bottom Line: Continue buying market to market for now