Surprising Collapse in Canadian Bean Area
VANCOUVER - Jun 25/11 - SNS -- Dry edible bean markets were surprised by the collapse in planted area in Canada, where actual and intended area is forecast to drop by half to 160,000 acres this year.
The USDA will release its seeded area estimates on June 30. Area will not be broken down by class until the August crop report. But, state level data does provide insight into the acreage trend for major bean classes in the United States.
Markets are paying more attention than normal to the numbers because of concern production will be lower in Mexico, resulting in greater import demand; and lower in China, reducing available supplies on export markets during the first half of 2012.
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