Himfr Comments on the High Rise of Green Bean Prices

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• USA - English

BEIJING, May 19 /PRNewswire-Asia/ -- Himfr reports that green bean prices are rising sharply this year. Green bean demand peaks from May to August. However, green bean supply this year is not optimistic; Himfr analyzes that northeast green bean growing areas have been affected by last summer's weather, causing this year's green bean production numbers to drop sharply. This summer, the green beans should be in short supply.

Garlic prices may see a similar trend, as brokers have already bought out local species of garlic, increasing prices in every stage and then reselling. This abnormal price competition may lead to higher prices of garlic.

In just two months, the price of green beans doubled compared to the same period last year. On our site, suppliers want to increase green bean prices, but won't, in the belief that Himfr will eventually bring more profit for them. However, some supermarkets have already raised the price. Green bean prices in supermarkets have risen from last year's 7 yuan/kg to the current 27.6 yuan/kg. At the same period of last year, the retail price of green beans was 3.5 yuan/kg or so. In addition to the rise in green bean prices, red beans, black beans and other grain prices are generally higher, up two percent.

The cause of the rise may be explained by last year's drought in China's north-eastern region and the frequent disasters experienced in southwest China this year. Green bean production has naturally reduced.

Himfr believes that, as temperatures continue to rise, the demand for green beans will rise, with their prices also continuing to rise with demand. In late June the price of green beans should decline, but this year, the production area is still dry, so market prospects are not too optimistic.

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