China red bean prices edge higher on tight old-crop stocks and farmer reluctance to sell. New crop nears; imports/exports decline. Outlook: high but stable.
Prices
Red bean (adzuki) spot prices in China have risen slightly this week, reflecting high raw grain costs and continued tightness in available supplies. New-crop red beans are only trickling into the market, while many farmers are still holding back, expecting better prices and slowing the pressure on the spot market.
FOB Beijing prices for comparable Chinese beans show a firm tone: red adzuki beans are quoted around EUR 1.29/mt (conventional, 5.0 mm up, FOB Beijing) and EUR 1.37/mt (organic, 5.0 mm up, FOB Beijing). Kidney beans and mung beans are also mostly firm to slightly higher, confirming a broadly supported beans complex in China.
| Product | Specification | Origin / Term | Latest price (EUR/mt, FOB) | Previous price (EUR/mt, FOB) |
|---|---|---|---|---|
| Adzuki beans | red, 5.0 mm up | CN, FOB Beijing | 1.29 | 1.28 |
| Adzuki beans (organic) | red, 5.0 mm up | CN, FOB Beijing | 1.37 | 1.35 |
| Kidney beans | dark red | CN, FOB Beijing | 1.42 | 1.33 |
| Mung beans | 3.8 mm up | CN, FOB Beijing | 1.48 | 1.46 |
Supply & Demand
On the domestic market, new-season red beans have begun to appear only in small volumes. Farmers in main producing regions are generally reluctant sellers, which, together with elevated raw bean costs, restricts effective spot supply. Processors are buying cautiously, focusing on serving existing key customers and digesting their own inventories rather than expanding positions.
Old-crop red bean inventories continue to decline and are now reported at less than 10% of initial levels for some holders. The approach of the main new-crop harvest at the beginning of next month is prompting only limited restocking for immediate needs. This keeps the market in a tight but not panicked balance.
In foreign trade, cumulative red bean imports and exports for January–August are both down year on year, with imports showing the larger decline. This helps domestic stock drawdown, but the overall quantitative impact on the market is assessed as limited, so internal fundamentals remain the primary price driver.
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Fundamentals & Weather
Fundamentally, the red bean complex is supported by high raw grain prices at the farm level and the low availability of old-crop beans. With processors still consuming their stocks and only partly turning to new-crop supplies, immediate downside risk in spot prices is contained.
Weather across key Northeast and North China bean belts in late September has been generally favorable for late-season development and drying of pulses, and there are no indications of major harvest disruptions in the coming days. This underpins expectations that new-crop red beans will enter the market more visibly from early next month, gradually easing physical tightness if farmer selling improves.
Short-Term Outlook & Trading Ideas
Market participants broadly expect red bean prices to remain at high levels next week, with limited room for sharp moves as processors continue to draw down stocks and buy only for rigid demand. The combination of low residual old-crop stocks and cautious new-crop selling suggests a slow, orderly transition into the new marketing year.
- Processors / end-users: Consider covering near-term needs promptly while prices are stable but firm, avoiding over-extension ahead of larger new-crop arrivals early next month.
- Traders: With high raw bean costs and tight stocks providing a floor, short positions appear risky in the very near term; focus on spread and basis opportunities around the shift from old- to new-crop.
- Farmers: Current strong price levels are supported by fundamentals; staged selling of new-crop red beans into early-season demand may help manage price risk while still benefiting from the high-price environment.
3-Day Regional Price Indication (FOB, directional)
- Beijing (red adzuki, FOB): Prices expected to hold at current high levels, with only minor intraday fluctuations.
- Beijing (kidney beans, mung beans, FOB): Tone remains firm to slightly supported, in line with elevated red bean values and tight old-crop availability.
- Export offers ex-North China: Stable to marginally firmer indications, reflecting cautious seller attitudes and limited pressure from imports.