As of October 2024, the global bean market is experiencing fluctuations driven by adverse weather, harvest delays, and changing consumer demand. With production hubs like China, the U.S., Brazil, and Mexico leading the market, traders are paying close attention to supply chain shifts. Here's a comprehensive update on key bean varieties and global trade trends.
In China, rain has affected the new black kidney bean crop, with harvest delays and quality concerns. Traders in production areas have low stocks and are eagerly awaiting the new crop. Meanwhile, prices for adzuki beans from the previous year are slipping, while prices for the fresh harvest are on the rise as the new crop arrives.
The U.S. and Canada have seen an oversupply of black and pinto beans, with production up by 35-40% and 20% respectively, following high demand from Mexico last year. However, with Mexico's new crop rebounding, demand has dropped significantly, leading to a price squeeze. Prices are expected to stabilize or rise as the market adjusts to reduced demand.
Mexico’s 2024 chickpea harvest is robust, with production estimated at 200,000 tonnes. Mexican chickpeas, which are typically large-caliber, are in high demand globally, especially as India remains absent from the market. This demand surge has bolstered the Mexican market, offering strong export opportunities.
Argentina's kidney bean crop has struggled due to poor weather, resulting in a bullish market for white, great northern, and kidney beans. China's kidney beans have also faced quality issues due to untimely harvest rains, adding pressure to global supplies. U.S. kidney bean yields are down by 15-20%, exacerbating the supply problem, with much of the U.S. crop already pre-sold domestically.
Brazilian bean sales have seen a surprising downturn, with premium bean sales in São Paulo dropping by 40% in early October, leading to market uncertainty. Despite this, bean sowing is progressing, with 11.5% of first-crop beans planted. While Paraná leads the planting efforts, weather conditions in Rio Grande do Sul have slightly delayed development in certain areas due to cloud cover and low temperatures.
In Spain, persistent storms in the León region have put over 4 million kilos of beans at risk. One-third of the total 5,323 hectares of beans may remain unharvested due to wet conditions and delayed access. This situation is critical, as it could lead to significant supply shortages in the Spanish market.
Black & Pinto Beans: Prices are bottoming out after months of decline. Traders expect stable or rising prices as oversupply issues ease.
Rising Prices for Kidney & White Beans: Expect prices to remain bullish due to supply constraints in the U.S. and Argentina.
Why are black and pinto bean prices dropping?
The global bean market is navigating through a complex landscape of weather challenges, fluctuating demand, and shifting trade dynamics. While prices for black and pinto beans are bottoming out, other varieties like kidney and white beans are expected to see price hikes due to global supply shortages. Traders should remain vigilant about weather impacts and consumer behavior, particularly in major bean-producing regions like China, the U.S., and Brazil.
For UAE traders, these trends offer both challenges and opportunities. With demand for certain bean varieties set to rise, securing contracts early may provide cost advantages in the coming months. Momex continues to provide essential support in navigating these markets, ensuring timely logistics and accurate market insights for all trading partners.
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