In Nicaragua, the largest producer in Central America, the price of a metric ton increased from $602 in May 2013 to $1676 in May this year.
Of the 'seda' variety of red beans, the countries with the largest price increases are El Salvador and Nicaragua, with increases of 80% and 178%, respectively. Guatemala reports a 130% increase in the 'rojo tinto' variety of red beans, according to the Agricultural Council (CAC).
Facing a potential shortage of beans, the government will ask companies to import the product directly.
The Ministry of Agriculture and Farming (MAG for its acronyms in Spanish) doesn't have enough resources to import beans itself.
This shortage of shortage has been driving up the cost of the grain: "Silk Beans oscillate between $85 and $90 per quintal. A pound is paid $1,00 in the domestic market and it could reach $1.23."
Lack of rains could affect corn and bean harvests, explained Salvadoran farmers.
The rainy season has started one month later, and the official estimation is that rains will be 30% below the usual. This will take its toll over the country’s production, reported the Agriculture Ministry.
“All in all, Salvadoran agricultural production could shrink around 2.4 million quintals, mostly due to lack of rain, caused by the El Niño phenomena.