THE BIG PICTURE M exico’s spring/summer crop has struggled for three years in a row, but last year was drastic. Production of black beans and pintos were down 44% and 55% respectively year-on- year (YoY), creating a desperate need for imports to cover domestic consumption. In the months of October, November, and December 2023, Mexico had already imported 150 thousand tonnes of beans. Imports were, according to Vicente Mendoza, independent bean market consultant, "the only mechanism” Mexico had left to ensure there were enough beans for its market. By the end of 2023, imports had doubled YoY. A huge chunk of those record imports, and of those to follow, would hail from the USA. On average, the USA took 75% of market share between last September and August this year; the Mexican crop failure has proved a boom for American traders. "Our exports went phenomenally this
Made with FlippingBook - Online magazine maker