In Canada, bean carryout forecasts questioned

Published Sep 13, 2021

Tridge summary

The article discusses the Canadian dry bean price outlook for the 2020-21 crop, with concerns about the carryout from the 2020-21 crop being raised by Chuck Penner. Statistics Canada predicts a carryout of slightly over 100,000 tonnes, which would result in ample supplies but could be questioned due to recent price trends. The market seems to be heading towards price highs of around $0.50 per pound, despite a forecasted decrease in production. Other global suppliers like the U.S., Mexico, and Argentina are also experiencing challenges, leading to potential tight global bean supplies by the end of 2021-22. However, North American supplies are expected to last into the new crop year due to high freight rates and container crunch.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Chuck Penner said the "ultimate question" for the Canadian dry bean price outlook is what will the carryout be from the 2020-21 crop? Statistics Canada believes it will be slightly more than 100,000 tonnes, which would result in ample supplies for the current crop year. Production is way down this year but that level of carryout would create a total supply of 489,000 tonnes of beans, which would be well above the typical crop of around 400,000 tonnes. "I'm not entirely convinced about these supply numbers, largely because of price behaviour in the last little while," Penner told delegates attending the 2021 virtual Pulse and Special Crops Convention. Posted bids for navy and pinto beans in Canada were around 49 cents per pound when Penner delivered his presentation on Sept. 8 and they appeared to be climbing higher. Actual bids were likely a lot more than that. In the United States, where there is much better pricing information, bids were around US45 cents per lb. for pinto and ...

Source: The Western Producer