China Adzuki Beans Hold Firm as Farmers Nearly Sold Out

Red adzuki beans in China are trading in a broadly stable, mildly supported market as farm selling is almost complete and inventories are being digested steadily across producing and consuming regions. Domestic demand has improved slightly with buyers replenishing only as needed, while trade inventories in Northeast China are uneven but not burdensome. Producer stocks are largely sold (around 94% nationwide, and up to 98–99% in Jilin and Jiangsu), which, together with processors’ and traders’ holding costs, helps to underpin current price levels. Most market participants expect a sideways market in the short term, with only a minority positioning for a modest price rise.

Prices

FOB Beijing offers for Chinese red adzuki beans remain stable, with only minor week‑on‑week softening. Market quotes are largely unchanged as traders resist deeper discounts, supported by relatively high holding costs and the absence of strong selling pressure from farmers.

Related Chinese beans show a slightly softer tone: organic red adzuki around EUR 1.35/kg and conventional around EUR 1.28/kg, both fractionally below last week. Mung and kidney beans have also eased by roughly EUR 0.01–0.05/kg over recent updates, reflecting a generally calm pulse complex rather than a sharp correction.

Supply & Demand

Farmers in key producing areas have sold most of their 2025 adzuki crop, with national average sales progress around 94%. In Heilongjiang, selling is roughly 93–95%, Jilin about 98%, and Jiangsu close to 99%, leaving limited unsold on-farm stocks and reducing pressure for further discounts.

In consuming regions, buyers are mainly replenishing on a hand‑to‑mouth basis, but spot demand has improved slightly, with pockets of rigid demand supporting active but not overheated trade. In Northeast China, trader inventories vary from small lots to 200–500 tonnes, with some large holders reluctant to sell at current low prices, effectively tightening freely available supply.

Fundamentals & Market Sentiment

Overall, the adzuki beans market in China is close to a short‑term equilibrium: production has largely entered commercial channels, and both producing and consuming regions are steadily digesting stocks. With limited pressure from residual farm inventories, the cost base of processors and traders becomes the key floor for prices.

Market surveys indicate that about 80% of participants expect prices to remain stable in the near term, while around 10% hold a mildly bullish view, betting on a gradual firming once current inventories are further reduced. Only a small minority foresee significant downside, as there is no evidence of large overhangs or abrupt demand deterioration.

Short-Term Outlook & Trading Ideas

Weather conditions in major Northeastern bean‑growing provinces are seasonally normal with no imminent threats reported to late fieldwork or logistics, suggesting limited weather‑driven volatility in the immediate term.

• Importers / buyers: Consider phased coverage at current levels, as downside room appears limited while stock digestion continues. Avoid over‑buying given the broadly stable outlook.
• Producers / origin traders: With farm stocks largely sold, maintain price discipline; only holders with low‑cost inventory may consider selective sales to lock in margins.
• Speculative participants: The risk‑reward currently favours range‑trading strategies, with modest upside potential but a strong floor from carrying costs.

3‑Day Directional View (CN)

• Adzuki beans, red (FOB Beijing): Stable to slightly firm; narrow range trading expected.
• Mung beans (FOB Beijing): Mostly stable with a mild soft bias if nearby demand remains cautious.
• Kidney and other beans (CN): Sideways; no major catalyst seen over the next three days.