North American Beans Remain Under Pressure
VANCOUVER - Oct 11/12 - SNS -- North America's dry edible bean outlook is starting to become more balanced from a supply and demand perspective, though there is a underlying fear high prices may have changed the demand fundamentals.
The latest crop production estimates from the USDA contained a major upward revision in forecast yields, with the result total bean production in that country was pegged at 1.407 million metric tons (MT), up almost 15% from the August estimate and over 56% above last year.
Nearly all the increase took place in North Dakota. Last year, farmers were unable to finish planting their crops because of heavy spring flooding. North Dakota is the most important edible bean producing region in the United States, as well as being the main producer of pinto beans.
Commenting on conditions in the state, the USDA said, "(C)rop development began and remained ahead of last year and the 5-year average. As of September 30, 95% of the crop was harvested, about a month ahead of the five-year average. Throughout August and September, dry edible bean condition was rated mostly fair to good."
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