Harvest is nearly complete in most areas. Yields have varied widely with planting date and seasonal rainfall. Early planted bean yields generally ranged from above average to excellent, with yields of 24 to 30 cwt/ac commonly reported for white, black, otebo and cranberry beans. Later planted bean are typically yielding less due to dry conditions during late pod fill. Adzuki bean yields have been average to good, while seed size has tended to be smaller due to dry weather during late pod fill. Anthracnose was present in most white beans at varying levels.
The full report can be read here

As promised earlier this year, we are now providing a quick easy-to-read summary of bean prices. By clicking here, you will be linked to the latest market prices for white pea beans at several of the major markets around North America.  We have also included prices for cranberry, black and kidney beans. Again, check back often as we will continue to update this blog if there is any significant swing in bean prices

New crop prices are slow to emerge
Weather conditions continue to affect harvest attempts. 
The Michigan harvest is 65 to 70 percent complete.  Reported grower price of $24 USD/(100lb.) bag
Ontario harvest may be slightly ahead – pegged at 70%+.  Grower ‘board’ price $25CDN/(100lb) bag.
Reports trickling in of out-sized, well over trend, yields from early planted fields but with quality problems.

unseasonably wet weather this week North Dakota continues to delay the harvest.  Precent done and prices unknown at the moment.

Up until yesterday – September 16^th Ontario had no posted board price.  Competing jurisdictions had values that growers could price their white beans on. Ontario lacked a price purportedly because of no direction from global markets – lack of buyer support.  There are no reports of buyers flocking to the market at this point, rather the industry needs to post a price so that growers can price out their overages and deliveries.

The prices posted range from $25 to $27 Canadian per bag.

With growers aggressively booking new crop (2011) soybeans and wheat which will gross them between 450 to 500 dollars per acre, the industry can now post a reference price for this current crop.  This is likely done by using a crude form of net present value (NPV) calculation based on the following assumptions

An interest rate of 8.5% (approximation for an ‘unsecured’ loan)
Commercial storage rate of $0.125/Mt/day
Estimated 300 day term
A nominal discount of $1.00/bag between current crop and 2011
The calculations yield a future price of between $29.50 and 31.50 per bag. 

Assuming an average yield of 18 bags per acre this would gross the farmer between $530 – 570 per acre in 2011.  This new crop gross dollar per acre estimate, when compared to what other crops are yielding might, under normal circumstances, entice some growers.  However given this year’s challenges there is underlying sentiment that such $80 to 120 historical risk premium maybe insufficient.

The following will apply for
2010 Dry-Shrink Chart

Pick Chart 2010