Friday, March 30th, 2007
Planting intentions of dry edible beans overshadowed by the majors. large acreage shifts has Chicago markets trading sharply lower.
However U S dry bean growers intend to plant 1.50 million acres in 2007, down 8% from year ago levels, according to the USDA’s 2007 seeding intentions estimates just released.
The decrease in planted acres is being attributed to strong prices for competing crops and the disappointment in last year’s harvest prices and hefty discounts.
Based on the nearly 8% reduction in seeded acres and assuming trend-line yields: or, US growing regions hitting five-year average yields, dry bean output could drop 6 to 7 % below last year.
These numbers are, for the most part, surprising observers familiar with the industry since seed sales to date would indicate a much larger reduction.