A process for producing expanded foam beads from pellets comprising at least one biodegradable polyester. The process comprises (i) producing a suspension comprising pellets in an aqueous suspension medium, (ii) impregnating the pellets present in the suspension from step (i) with at least one physical blowing agent by heating the pellet suspension to a depressurization temperature IMT, with stirring, to provide pellets laden with blowing agent in the suspension medium, and (iii) depressurizing the suspension obtained in step (ii) and cooling the depressurized suspension with a liquid aqueous coolant, in order to obtain the expanded foam beads. The blowing agent can be added in step I, or in step ii during the heating phase or following the heating phase. Following the heating phase, the suspension is maintained at a temperature in the range from IMT minus 5° C. to IMT plus 2° C. for 3 to 100 minutes, and the ratio of aqueous coolant to suspension medium is at least 0.3. The invention further relates to expanded foam beads obtained by the process and to moldings that are produced from the expanded foam beads.