China: Price of haricot beans drops

The market for autumn vegetables recently entered its peak season. Prices have started to come down to regular levels. The price decrease for haricot beans was relatively large. The price continued to fall through mid- and late October, and is currently only at 50% of the price at the same period last year.

The main reasons for this development are as follows: the price of haricot beans was relatively high last year and so the surface area devoted to haricot bean plantation increased. Production areas in Shandong suffered from heavy rainfall in August and fields flooded. When the water retreated it was too late in the season to plant some vegetables, and farmers chose to plant beans instead. Haricot beans were a popular choice. In Qingzhou, for example, many pepper plantations flooded and it was too late to replant peppers, so farmers opted for fast-growing haricot beans. Three major production areas currently supply haricot beans and the market supply is excessive, which is why the price dropped.

Source: Beijing Evening News

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