The peanut market has firmed up slightly as shelling of the 2019 crop gets underway. The price for shelled runner peanuts has increased from 46 cents per pound in the early season to 56 cents per pound this month. Some buyers waited and are now feeling the pinch of having to pay more for peanuts. Quality seems to be the ... Read More »
The wait and see feeling continues for the peanut industry. Peanut shellers are processing the 2019 crop. Brokers report that U.S. exports depend on the quality of Southeast-produced peanuts and how well the shellers will be able to handle it. Prices for raw-shelled peanuts have only one way to go and that is up. Tight specifications for the market will ... Read More »
The U.S. market is in a “wait and see” mode. The Southeast, where 70% of peanuts are grown, is experiencing hot and dry conditions, one of the longest such periods in history. Early planted peanuts were considered good, especially those under irrigation. However, late-planted and dryland peanuts are showing damage and increased aflatoxin. It is too early to tell the ... Read More »
Production for peanuts in 2019-20 is projected by USDA to be up 3 percent to 5.6 billion pounds based on modest increases in intended planting and yield. The NASS Prospective Plantings report showed most peanut acreage gains are expected for Texas and Florida, where cotton acreage is down 23 percent. The idea that cotton would bounce back to 80 cents ... Read More »
As the 2019 peanut crop gets planted, markets remain quiet. Buyers are aware that carry forward numbers are high and so there is no urgency to book any additional peanuts. Buyers at home and abroad are open to offers of 2019 crop, but most shellers are off the market as farmers are unwilling to contract at the sheller’s offer of ... Read More »
It is not fake news to say that peanut markets are dead. As one broker explained, “As an industry, we must find a way to sell more peanuts.” Domestically, we’re not going to turn this ship around anytime soon. As for exports, we could eventually export the 2017 forfeitures to China and maybe some peanuts from the 2018 crop, particularly ... Read More »
The 2019 peanut market for farmers was already weak because of a large carry-over from the 2017 and 2018 crops. Production in 2018 was estimated at 5.46 billion pounds, (2,730,800 tons) down 23 percent from 2017. Planted area was estimated at 1.43 million acres, down 24 percent from 2017. Farmers were cutting back, trying to do the right thing to ... Read More »
The entire peanut industry is in a holding pattern. Neither buyers, nor shellers or even farmers can make an informed decision about what to do in 2019 crop year. Buyers for both domestic and export are only buying hand-to-mouth as sufficient supplies worldwide are available at reasonable prices. If shellers offered a 2019 farmer-stock contract, it would be near $350-$385 ... Read More »
A peanut broker recently told farmers that the price of peanut kernels was indicating to shellers that we will need fewer peanuts in 2019 than was handled in 2018. This is because of weak domestic demand and uncertainty with respect to exports. That could change, but thus far, the market is urging a cutback. That about sums up the market ... Read More »
The peanut industry has been jolted by two hurricanes this season. Florence hit North and South Carolina as harvest was about to start with flooding that caused rivers to overflow and covering crops waiting to be harvested. With about 40 percent of the Southeast peanut crop dug and harvested, Hurricane Michael plowed into the Florida Panhandle with 155 mile per ... Read More »
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