3 March 2008 - Heinz Australia said that it increased the price of its baked beans by 5% because numerous bean farmers in the US are switching to corn ethanol production which is benefitting from strong US Government subsidies, reports the local press. As a result, US bean plantings have fallen almost 50%.
Moreover, Heinz Australia buys all of its canning navy beans from North America, where prices have increased around 30% in 2007 alone, add the reports.
A spokesperson for Bean Growers Australia said Australian production may double this year as farmers are seeking to take advantage of the US baked bean shortage.