STAT Communications Ag Market News

Spot and New Crop Convergence Nearly Complete

PANAMA - Sep 4/20 - SNS -- Prices in spot markets virtually completed their convergence with new crop pricing levels during the past week, with values significantly weaker with the onset of initial harvest activity.

This was reflected in the spot index for dry edible beans in the United States, which dropped another 7.9 points on the week to finish at 72.5. By contrast, the global pulse price index was unchanged on the week at 72.9, while the Canadian pulse prices index slipped 0.2 points to close at 68.6.

Markets paid little attention to Canada's dry edible bean production estimates. Statistics Canada pegged the harvest at 327,800 metric tons (MT) from 409,100 acres, a modest increase over the 319,300 MT harvested last year from 395,300 acres.

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