Tuesday, February 27th, 2007
USDA’s February Vegetables and Melons Outlook by Gary Lucier.
The acreage outlook for the U.S. dry edible bean crop is once again uncertain, with early acreage expectations appearing much more fluid than in the recent past.
This uncertainty over 2007 dry bean acreage stems from the broad price strength for most competing field crops. The dry bean/corn price ratio is currently expected to be about 6.8 in 2006/07. When the dry bean/corn ratio last fell below 7.0 (in 1991/92 and 1995/96), dry bean acreage declined the following year (16% in 1992/93 and 11% in 1996/97). Although this is only one forecast indicator to consider (others include such things as stocks, market demand, and expected dry bean prices), it does suggest declining U.S. dry bean acreage for 2007, says Lucier. Aggregate dry bean acreage is currently expected to decline about 5% in 2007
The report also highlights that the U.S. aggregate grower price for all dry beans averaged 13% above a year earlier during September 2006 to January 2007. With the exception of navy beans, the grower price for every major dry bean class is averaging above a year earlier.
To read the entire report click here