Black Bean Prices in Brazil Pull Upward
Sao Paulo wholesale carioca bean prices in February were as high as $1,713 per metric ton, double the price in January. The price spike was due to reduced first crop production and weather‐induced crop damage.
Prices reported the first week of March at the Sao Paulo bolsinha were lower, carioca especial (above commercial grade) averaged $1,370/MT, but there is very limited availability. Consumers are reportedly buying second‐rate cariocas or switching to alternatives like black beans. Black bean prices were therefore pulled upward.
Sao Paulo wholesale prices climbed from $844/MT in January to $1,112/MT in February—the first of March average price was $870/MT. At the end of March, the first beans from the second harvest in southern states start to enter the market, but May is the peak.
Marcel Lüders, head of IBRAFE, notes that right now there are not enough beans to meet consumer demand. The U.S. Dry Bean Council ANUFOOD trade mission team is in Brazil this week and will give an update on the market outlook late next week.