Friday, October 29th, 2010
The recently released USDA’s Vegetables and Melons Report pegs 2010 U.S. dry edible bean production up 6% from the initial August crop forecast. Good harvest weather helped ‘up’ national production of all dry beans by 29% over last year to an estimate of 32.6 million cwt. This would be the fourth largest dry bean crop on record with large crops forecast for North Dakota, Minnesota, and Washington. National yield is estimated to be a record 17.83 bags (cwt) per acre.
Eight bean classes including pinto, navy, Great Northern, black, garbanzo, pink, and dark red kidney should see good to outsized increased.
Prices were slow to develop during harvest with growers reluctant sellers. Considerable uncertainty remains in most dry bean markets with regard to pricing.
Read more of the story here
Editors note: Given the sustained surge in prices for competing commodities such as wheat, corn, soys, cotton etc. and their relative attractiveness for ‘good margins’ next season and the moribund bean prices being shown to and expected for growers in the 2010/11 season one can only predict a sharp drop in planted acres next season.