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Opportunities in Mexico for Beans in 2015

The high US dollar relative to the peso may create opportunities for countries like Canada to export beans to Mexico this year.

According to Mexican government statistics, the country is importing approximately 95,000 tonnes of black beans annually.  This number may go up in 2015 as there are indications of a smaller black bean crop in Mexico this year and the 2014 carryout for black beans in the US and Mexico was low.

The buying power of the peso has declined from 12:1 (USD:Mexican peso) in July 2014 to 14.5:1 in January 2015. As well, the US is predicting their 2015 black bean production may be limited to the same acreage as last year of 94,000 acres because their black bean seed was affected by disease.

By comparison, the Canadian dollar to Mexican peso ratio is at 11.8:1 today.  Canada has historically exported 2-5,000 tonnes of black beans to Mexico annually.  The challenge historically has been competitiveness with the US due to freight costs, but with the lower Canadian dollar, this may be a market opportunity to watch in 2015.

Source: OntarioBean


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