STAT Communications Ag Market News

Beans Not Surprised By Acreage Intentions

PANAMA - Apr 2/21 - SNS -- Dry edible bean markets were not surprised to see farmers in the United States say they intend to reduce land in all classes from 1.822 to 1.609 million acres.

Despite the forecast decline, the dry edible bean price index for the United States was unchanged on the week at 87.9, while the global pulse price index slipped 0.3 points to close at 88.9 and the Canadian index lost 0.4 points for an 87.6 point finish.

If farmers in the United States receive average yields, production of all classes of beans would reach 1.342 million metric tons (MT), down from 1.568 million last year but above the recent five year average of 1.234 million MT.

Assuming there are no major changes from the USDA intentions report, markets likely see this as the starting point for the potential size of the harvest. If current drought conditions persist or widen, markets will expect lower yields.

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