Beans: 2012 Crop is the major topic of discussion. Competing grain
markets have decreased slightly and dry edible beans look more competitive.
Although it is still early to predict what the growers will do, the consensus appears
they will grow beans only if they can get a contract that is equal to or better
than grain and soybeans. With little or no carryover on most varieties, the
weather will also play a major factor this spring.
Rice: The overall quality of the rice
production is rated good to excellent. Compared to the 2010 crop, milling
yields are slightly above normal. Competing markets bear watching
on the rice market also as producers look
at other alternatives.
Blackeyes: Prices continue firm and import
values are also rising. No pricing relief is expected until 2012 crop beans are
available.
Black Beans: News from Mexico has not
improved. The Mexican government has agreed to take beans from any sources
available including China.
The domestic market is holding steady and dealers are offering 2011 and 2012
crop into the Mexican market. Time will tell if the less expensive Chinese
product will have an impact on overall prices or if the need far out strips
availability.
Baby Limas:
Values remain steady.
Great Northerns:
Slightly higher prices reported with growers holding for higher
prices.
Green Split Peas:
No change.
Lentils:
Unchanged.
Large Limas:
Prices are steady and are expected to maintain current levels.
Light Red Kidneys:
Slightly higher values reported with a few quality issues
surfacing in the Midwest.
Navy Beans:
Unchanged.
Pink Beans:
High values continue to be the norm with no pricing relief
expected.
Pintos:
Mexican buyers have been very active and are purchasing as much
product as they can get to ship within the next 90 days. As predicted, prices
have risen to reflect the increased demand. Growers continue to hold for higher
prices and with nine months left to go in the marketing year and no carryover,
they hold the cards.
Small Reds:
No change.
Yellow Popcorn:
Values continue to increase as the full extent of decreased
production is reported.
Long Grain Rice:
Market continues to soften slightly as no unexpected export
sales have materialized. Although the US crop is at least 25% down from
the previous year, the world production is one of the highest on record.
Processors are very concerned that unless the values to producers stabilize or
increase, the US
production for the 2012 crop could be down even more this coming season.
Medium Grain Rice:
Prices remain relatively stable. As with the long grain crop,
there has been no unexpected export activity.