As peanut farmers prepare to enter the fields, checking crop maturity and getting ready for digging and harvest, market signals continue to raise concerns. Despite strong yields in the U.S., peanut prices are under significant pressure due to global oversupply.
“Well peanut farmers are getting ready to move into the field as they check their maturity of the peanuts making sure they are mature and ready for digging and then go to harvest.”
But while the crop is maturing well, market conditions are not as favorable. Sheller prices have dropped, and farmer stock contracts are either significantly reduced or no longer being offered at many buying points.
“Prices continue to drop at the sheller price level and farmer stock contracts are almost non-existent or have been reduced.”
The cause? Bumper crops across several major peanut-producing countries are flooding the global market. According to international industry traders:
“Due to bumper crops in Argentina, Brazil, USA and India the market is not likely to see a reversal of these low prices for the next two years.”
One industry official added that a turnaround in prices may depend on whether South American growers scale back acreage.
“One official estimates that the low price trim will not reverse if Argentina and Brazil does not at least reduce their acreage which is being done now at least 10 percent.”
Even with those reductions, long-term outlooks remain bearish. Some market watchers are predicting continued low prices for at least two more years.
“One broker predicted there will be low prices until the 26th 27th crop of peanuts.”
The Argentine peanut crop, in particular, is creating ripple effects for U.S. producers. Production and exports are booming, with an increase in acreage and a significant jump in final stock levels.
“Meanwhile in Argentina both production and exports are expected to reach historic highs. Acreage has increased 23 percent and the final stock of their crop is up 50 percent officials said.”
“Argentina crop competes directly with the USA in the European Union.”
With global supply outpacing demand, buyers have the upper hand.
“So the market is down it’s just a buyer’s market right now for those that want to buy peanuts across the board.”
Audio Reporting by Tyron Spearman for Southeast AgNet.
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