Bean Market November 2013

Bean Market November 2013

Like Ali and Foreman back in ’74’, the rumble in the jungle is back in the dry bean market (at least this week in pintos they were). According to United States Department of Agriculture, dry pinto bean prices shifted on it heels for it’s first real move of the new crop season….reminiscent of Ali’s “rope a dope” against George Foreman.

Most growers across the board decided to let the market fall for about 2 points / lb. Personally (and I’m sure I’m not alone on this), I don’t understand how dry bean growers in North America come into agreement in lowering their asks or accepting lower dealer bids (whichever way you want to look at it) at exactly the same time….

It’s like they all get some memo via pigeon posts to be in secret agreement and have the same prices. Incredible! Anyways, lets dissect the price action because its brief….really brief.

Mindak dealers lowered expectations by $0.50-1.00 and growers from every pinto producing county in the nation; with the exception of the growers in the Rocky Mountain States of Wyoming and Montana.

To learn more about USDA bean specifications please click here.