The Plunging Price Of Beans

Pinto and black bean prices are down more than 20 per cent since last December, the USDA reports today.

Pinto beans dropped -23.3 per cent to  $0.33 cents per pound, compared with $0.43 cents last year. Black beans sunk -28.6 per cent to $0.35 cents compared with $0.49 cents.

The reason is that production has rebounded almost 60 per cent from the “dramatic lows” of 2011 — to about 14 million cwt versus about 6 million cwt last year.

Prices for all beans declined slightly on average — here’s the chart.

beans

Photo: USDA

SEE MORE: CITI’S 2013 Commodities Outlook >

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