Beans Finish on Firm Tone

VANCOUVER - Jul 25/08 - SNS -- Dry edible bean markets finished the week on a firmer note, helped by rising prices for Argentine origin product and defensive pricing for North American beans.

Exporters in Argentina are showing more interest in selling for nearby shipment than deferred, reflecting concerns Brazil buy significantly more beans directly from farmers and processors this season than last, constraining product available to exporters.

Markets in the United States were buoyed by the latest USDA PL-480 food aid tender, which is seeking 5,000 metric tons (MT) of pinto beans for September shipment from origin. The USDA is also seeking 140 MT of great northern beans and 290 MT of dark red kidney and/or pinto beans. This is a much better start to the new marketing year than last year, when the USDA bought 3,120 MT of beans for shipment from origin during September.

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