Dry edible bean prices saw some mixed price action for the week of April 3, 2012 caused by the bean planting intentions data released from US bean producing states. With states producing more beans overall then last year, most pinto dealers provided a knee-jerk reaction and faded their offers reminiscent of the old saying “buy the rumor and sell the news”. The exception were dealers in Washington & Idaho who feel more acres being planted will still not be able to support demand, thus going against the majority reaction of pinto dealers from other states.
Beyond the movement in pinto bean prices, garbanzos were the other variety this week to firm up $1-$3 on the bid/ask. Again, dealers up in Washington/Idaho provided us with excitement.
Small Reds were $1 higher and Light Red Kidneys were $1 lower.
Overall market activity was cautious, slow, and steady due to the planting data release.
Bottom line- Steady, BUT planting intentions data seemed to unnerve some pinto bean dealers into capping the $70 handle for now. Growers in the meantime are putting on their best poker face and keeping price expectations steady in the face of all time high’s and more acres being planted then last year. Expect the pinto market soft to mixed the next few weeks until support is either found, or the upward trend resumes.