Dried beans: new crop arrives
BEIJING. While the prices for red kidney beans have risen, the opposite is the case for black kidney and adzuki beans. Harvesting is in full swing in China and the new crop is arriving in the market.
Black kidney beans sold out.
Farmers in China have successfully sold nearly all their supplies of black kidney beans. Although only a few traders still hold supplies, low demand is weighing on the market. Processors are also only buying small volumes to meet contracts. Although reports state that the beans are developing well in northeastern China, low temperatures are delaying ripening and harvesting may have to start a few days later in some places. The prices for small black kidney beans with a 99.95% purity range at USD 1,250/mt FOB Dalian.
Prices up for red kidney beans
The prices for red kidney beans have risen sharply by USD 170/mt since August. Only few offers are available and high prices have put off buyers. Issue is that customers prefer to wait for the new crop and prices are expected to decline at the end of September. As processors and traders are only buying the bare essentials producers are confrotned with a difficult choice since only lower prices will attract more demand. They, however, refuse to cut their prices. Red kidney beans with a 99.95% purity cost USD 1,700/mt FOB Dalian.