Edible bean bids called discouraging

(Resource News International) –– Cash bids for edible beans in Manitoba have been described as discouraging and were reflecting an adequate supply situation as well as the absence of fresh demand.

“The prices are discouraging right now, as the buyers are not willing to step up to the plate,” said Frank Reimer with Global Grain Canada Ltd. at Plum Coulee, about 15 km east of Winkler.

Part of the reluctance was associated with the strength of the Canadian dollar against other foreign currencies.

Buyers of new-crop contracts were not seen willing to pay more than 22 cents per pound to the grower for pinto beans. Last year, values for pintos were in the 30-cent-per pound range, he said.

“The Manitoba producer at this stage of the game is now weighing the 22-cent value for pintos against the $8/bushel soybeans,” Reimer said, noting that of the edible bean choices, pintos were the most likely to see a decline in planted area.

The bids for black beans are currently in the 30- to 35-cent per pound range, which is a bit better, so farmers are likely to put more of this type of edible bean into the ground, he said. Last year, the price of black beans was in the 40 cents/lb. range.

“There has already been a commitment made to put more black beans into the ground in Manitoba this spring than last,” he said.

End users are also reluctant to offer much in the way of attractive new-crop values, he noted, given that they are pretty confident that plenty of acres will still go into the ground this spring in the province.

While the price outlook for edible beans may not be all that attractive, Reimer felt there was a contingent of producers that will still plant some acres to these crops.

“These producers find it hard not to put edible beans into the ground as they have made good money from these crops previously,” Reimer said. “They also hate the idea of not having any available, in case the price becomes better.”

There also has been a commitment to put navy beans into the ground this spring, he said, with values in the 28- to 33-cent per pound range.

Weather conditions in Manitoba have so far not allowed a lot of edible beans to be planted, Reimer said. However, he said, the weather outlooks calling for favourable conditions over the next week or so in the province will result in some fairly active planting progress being made.

The plantings of edible beans in Manitoba are still well within defined timelines, he said.