Export Dry Beans
*Commodities Market Quiet
Current US export dry beans market conditions persist to be mixed to bearish as prices last week held steady for the most part across the board. Colorado pinto dealers gave up a single point as they lowered their price expectation target and skirt the lower 40’s. Garbanzo growers in WA and ID also lost ground to the market and also gave up 1pt each on the bid and ask. The market has started off the week on shaky ground as the Cyprus bailout has caused investors to run for safety into gold and US dollars leaving the grain markets to lead themselves. In the early part of the weekly session grains are currently mixed with corn still floating above $7 a bushel on CBOT. Whispers about China cancelling a Brazilian export order that was unable to perform under contract has caused soybeans to come under renewed pressure. Rice continues its trickle down however US rice sellers are holding firm despite the weakness. Most of the cash rice buyers have opted to remain sidelined for the moment as current price action seems to be trying to shakeout sellers and identify the demand line.
Gold is nearing current resistance between $1620-1635 so traders should be on the lookout for any price action signals that may form the in coming sessions. The weekly USDA bean prices will be out tomorrow and we will be following up with any changes in price, until then take and trade safe!