April 15, 2004
2004 should be a better year for dark and light red kidney prices than 2003, says John Berthold, a dry bean trader with Red River Commodities, Inc., Fargo, N.D. He presented the kidney market outlook at the Bean Day.
New crop light kidney contracts have been $3 per cwt above last year. New crop dark red kidney prices are up approximately 13% over last year.
Berthold offers the following points about the two markets:
Light red kidneys
· Expect acreage to remain stable.
· Carryover will be manageable.
· Prices are responding to strong soybean markets.
· Market contracts are $3 above last year.
Dark red kidneys
· North American acreage is likely to remain steady. Canada may switch acres from kidneys to soybeans.
· China is the wild card in the market. Dark red kidney prices are driven by world competition. Unfortunately, there is virtually no reliable estimate of Chinese supply or projected production.
To view Bertholds Bean Day presentation visit the Northarvest Bean Growers Associations Web site, www.northarvestbean.org. Click on the grower section and then Bean Day Roundup headline.