Dried beans: Acreage in China is shrinking
Mundus-Agri: For red kidney beans and mung beans, Chinese market players expect smaller acreages this year. This is already having an impact on prices.
Slight price increases for black kidney beans
Compared to last month, black kidney bean prices stabilized and even increased slightly. According to market players, this is mainly because supply is more limited than the average of the last few years, and it will take a while before the new crop arrives on the markets. While traders need to stock up to meet contracts, overall demand is relatively weak, so there should be little if any, price increases for the time being.
The area under red kidney beans shrinks by 50%
Market experts reckon that the area under red kidney beans in China could decline by around 50% this year, which also has a noticeable impact on prices. Already, prices have risen noticeably by USD 70/mt compared to May. Some traders have started to empty their stocks at these prices, while export demand is relatively weak. Although low buying interest will limit price increases, prices are not expected to fall soon.
Hardly any demand for adzuki beans
The price of Chinese adzuki beans is high on the domestic market, and export prices have also increased noticeably compared to last month. This is also slowing down trading activities, and Chinese market players report low buying interest from traders and exporters. Although most have relatively few goods in their warehouses, they do not want to offer their beans at lower prices because buying interest is not exceptionally high either.
Delivery problems for mung beans continue.
The transport problems for mung beans continue. In the south of China, heavy rains are contributing to this, and the traders there can hardly get their goods out of the warehouses. This, of course, means that there is hardly any interest in stocking up. Nevertheless, prices manage to remain fairly stable. For this year, the area under cultivation is expected to decline. Traders are hoping for an improvement in weather conditions soon - incidentally, this does not only apply to Chinese market players, as Myanmar is struggling with similar difficulties.