Bullish Bean Market News
August 01, 2001
North American dry edible bean markets continued advancing at press time, with the U.S. dry edible bean spot market index ending the week up six points at 651. For the technically minded, markets are at their long-term resistance point, as defined by the price peaks posted during October 1996, June 1998 and June 1999.
There are numerous fundamental reasons for markets to break through this barrier. It is not surprising to see such powerful fundamental and technical combinations result in sharp price movements. Markets received a parting gift of bullish with reports the Mexican states of Zacatecas and Durango were unlikely to meet expectations on account of another year of drought.