Soaring temperatures and wildfires in California are causing produce shortages.
We've seen a sharp increase in pinto bean pricing due to the following:
· The pinto market has come to a standstill due to the poor harvest in North Dakota.
· The carry over stock from 2018 has basically been cleaned up in support of current demand. (No Carry Over from last year)
· Grower prices have continued to increase with the market dealing with a lower than expected yield due to the adverse harvest conditions.
· The demand side of the market remains strong with Mexico facing a potential short fall in their crop and the Dominican Republic buying their normal volumes.
· Market prices have increased in light of all of these market dynamics.
· The market is now left in flux trying to define the exact state of supply for all major bean classes and growers holding tight to any unsold inventory. (Prices still rising)
· The late harvested crop has higher moisture due to the fact it could not dry properly in the field due to wet conditions so this has to be dealt with before cleaning so this has significantly slowed new crop processing.