Production Worries Support Beans

VANCOUVER - Feb 29/08 - SNS -- International dry edible bean markets finished the weeks trading on a firm note as many of the world's exporters withdrew from markets over worries about current crop supplies and new crop production prospects.

This allowed the spot market index for U.S. dry edible beans to flirt with setting new record highs. Spot markets are beginning to recognize the "need" to narrow new crop premiums to help limit the reduction in this year's seeded area.

The U.S. spot market index finished the week at 1213, up nine points from the previous week and compared to 911 at this time last year. The grower index finished up 29 points at 1119, versus 839 at this time last year. The grower share of the weighted average dealer price for beans now stands at 82.5%, up 1.5 points from last week and up 0.1 points from this time last year.

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