Japanese Azuki Bean Markets Bearish

TOKYO - Jul 24/00 - STAT -- A bearish tone returned to Japanese dry edible bean markets on account of favorable weather forecasts for Hokkaido, the island nation's most important producing region.

This saw azuki bean futures open the week unchanged to lower on the floor of the Tokyo Grain Exchange.

In its daily market comment, Nohon Unicom Coporation said, "The improved weather condition in Hokkaido and the fine weather forecast this week weighed on the market continuously. The favorable weather in the peak of flowering season weakens the market very much."

Last week TGE red bean futures rallied on technical factors and the weekly weather forecast calling more precipitation by low pressure. The deferred month bounced off the 2,700 decline from 13,680 on May 16 to 11,010 on July 19.

The rally was rather technical than fundamental such as harvest concern. Participants were anxious about too low prices and the sign of hitting the bottom. However, long term trends appear lower because of a good harvest outlook and the anticipation Hokuren will lower its asking prices.

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