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Little Reaction to Bean Numbers
VANCOUVER - Jul 2/10 - SNS -- Markets did not react strongly to the USDA seeded area estimates as the increase in total seeded area was fully anticipated and seen as necessary to help relieve supply pressure on regional markets.
Supplies of most classes of beans are finishing the season on a relatively tight note against good demand from Mexico and other destinations.
This saw the spot market index for U.S. origin beans ease by six points to 1055 points. By contrast, the spot grower bid index was down 40 points at 962, reflecting a switch in interest from securing remaining old crop beans to accumulating new crop positions.
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