• INCREASE: Retail prices of dry pinto beans in Mexico are up 37% compared to last year affected by a severe summer drought across producing states -like Chihuahua, Zacatecas and Durango- but also due to flooding hitting other producing areas like North Dakota in the US and Manitoba in Canada.
• STAPLE: A key staple in the Mexican diet, retail prices of all dried beans have gone up. However, dry pinto pints are experiencing larger hikes in major cities like Monterrey and Mexico City where a two pound bag is currently sold at USD 1.88 compared to USD 1.37 one year ago.
• WHOLESALE: In order to prevent a further of depression of demand, brokers and wholesale distributors of beans have not actually transferred the whole price increase to consumers according to
Juan Carlos Anaya, from Grupo Consultor de Mercados Agrícolas (GCMA), an ag think tank.
• FORECAST: The US Dry Bean Council estimates that total production for the two dry bean crops of the 2019 agricultural year in Mexico is expected to reach 700,000 tonnes, 38% below average, as a result of the drought that hit Mexico between June and August.