NAFTA Region Remains Tight on Beans

VANCOUVER - Jun 29/12 - SNS -- North American dry edible bean production could be up 40% over last year at around 1.46 million metric tons (MT) if yields are their recent five-year average and there are no substantial differences between this week's seeded area estimates for Canada and the United States and the final acreage numbers.

There is not a lot of difference between the seeded area estimates and this year's seeding intentions. While Canada's plantings ending up slightly higher at 282,000 acres, land in beans in the United States was a little lower than intended at just over 1.63 million acres.

Grower interest in edible beans was peaked by the fact returns from the crop have never been higher. The weighted average grower bid for all classes of beans so far this marketing year is U.S. $46.16 per 100 pounds (cwt), eclipsing the previous record high of $35.04 set in 1989-90.

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