Market Dismayed by USDA Estimate
PANAMA - Oct 16/18 - SNS -- Dry edible bean markets were taken aback by the USDA's October production estimates, which forecast production for the sector would reach a record 1.71 million MT, up 6% increase from last year. Including states that are now excluded from the report suggests output is closer to 1.77 million, compared to 1.68 million last year.
Any confusion created by the report stems from the fact chickpeas are included in the dry bean estimates. Ignored chickpeas, suggest production of other classes of dry edible beans will likely drop from 1.36 to 1.2 million MT, mainly because of reduced pinto bean output.
Combined production in Canada and the United States is now expected to reach 1.55 million MT, down from 1.72 million last season. However, the carry over has increased from an estimated 194,000 MT last year to 366,000 with the result available supplies of all classes of beans should increase from 1.9 to 1.91 million, compared to the recent five year average of 1.69 million.
Peas Watching India's Farmers
PANAMA - Oct 12/18 - SNS -- International field pea markets ended the week unchanged to firmer against relatively good export movement and demand for product from the domestic processing sector.
Though quantitative restrictions on pea imports were extended until the end of the year by India, there is an underlying doubt whether that country will achieve the production gains it expects in the coming rabi planting season.
The key issue is farmers cannot obtain values close to the minimum support price (MSP) from the open market. In the case of desi type chickpeas the problem is compounded by the fact state trading corporations which bought product in support of the MSP are now selling it to the trade at below the MSP.
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