Beans Update 19.02.24

Date: 19th February 2024 Category: Latest News
Beans Update 19.02.24

The 2023 bean market presents numerous challenges, primarily stemming from the drought in Argentina and the aftermath of Mexico's disastrous harvest. Mexico has absorbed substantial quantities of beans from across the Americas to compensate for its own shortages, resulting in elevated and stable prices.

France enjoyed a favourable harvest in 2023, boasting yields above average. However, despite the high prices, the decline in organic sales poses concerns for farmers, who face uncertainties regarding planting intentions for the upcoming year. Fear of water quotas and escalating production costs may deter many from turning to bean cultivation.

Argentina's 2023 harvest was severely impacted, with most of the yield already sold. Quality beans reserved for Europe are scarce, and the El Niño phenomenon is being closely monitored for its potential crop impacts. Prices remain high and steady.

In the USA and Canada, demand surpasses supply for medium and small beans like GN and Pea beans. With Mexico's need for black beans, both countries are eagerly awaiting their harvests, which is expected to reduce available acreage for Dark Red Kidney Beans.

Bean buyers should brace for high prices this year, as the market remains robust with limited opportunities to purchase in the new harvest or at values comparable to current ones.

via Ciacam