Dry beans: Production of dry edible beans is forecast at 28.7 million cwt, up
17 percent from last year. Planted area is estimated at 1.67 million acres,
up 23 percent from 2013. Harvested area is forecast at 1.61 million acres,
23 percent above the previous year. The average United States yield is
forecast at 1,784 pounds per acre, a decrease of 83 pounds from a year ago.
In North Dakota, planting was virtually complete by June 22, well ahead of
last year but equal to the 5-year average. As of August 3, development
remained behind the normal pace. In Nebraska, planting was virtually complete
by June 22, near the normal pace. By early-August, the crop was rated mostly
good to excellent. Michigan’s planting began ahead of schedule and was
finished by the end of June. Conditions have been favorable for the crop and
by August 1 the crop was rated 75 percent good to excellent.
Fundamentally speaking, things look good due to favorable weather conditions and more acres in most parts. Prices should decline to lower levels on certain varieties of beans and pulses when new crop starts shipping out into the market. Growers and shippers of certain colored varieties like Great Northerns and Red Kidneys will have a larger supply this year in hopes seeing last year’s high values again. There will be a larger supply of pinto beans this year along with a variety of color options, and the higher number of CWT produced in North Dakota & other pinto bean growing regions should drive prices to lower levels growers won’t be satisfied with.