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.
SEE MORE: CITI’S 2013 Commodities Outlook >