Dry edible bean prices for the week of April 10, 2012 were overall steady to mixed. Pintos, Light-Red Kidney’s, Garbanzos, and Green & Yellow peas led the price action insignificantly nowhere. Quality variations within the same bean varieties are still causing large spreads between different dealers. Grower price expectations are still steady and the next few weeks will be interesting as most of them will have to decide which crop to plant into the ground. The dry edible bean market is being influenced by some pretty dramatic fundamentals such as simple supply & demand, an overall weak dollar, and the current commodity bull run in corn, soybeans, and wheat. Futures markets are influencing bean growers on a daily basis enticing them to ditch dry bean varieties and plant more acres of an higher ROI crop; rightfully so.
Rocky Mountain pinto dealers who have good color in their bins felt empowered this week for a $2 premium on the ask, while everyone else was steady. Washington & Idaho dealers felt twiggy and thought the mid-sixties was the place to be this week.
Black beans were established in Michigan just above the $50 handle and is testing this major support level. Should it break, watch out below until the mid $40’s, or until you speak Chinese.
Bottom line- Depending on the quality you want prices will continue to be mixed to steady until supply runs out. Most dry bean suppliers are running on fumes already, and once the majority of stocks are depleted; dry edible bean prices could continue up trending especially if the other ROI commodities continue their bull run. Proceed with caution and don’t slip.