Balancing the peanut market in the US

Published 2023년 4월 10일

Tridge summary

The U.S. peanut market is showing signs of improvement with a more balanced supply and demand, according to Marshall Lamb, economist and research lead at the USDA National Peanut Laboratory. This improvement is due to a decrease in harvested acreage and average yield in recent years, leading to a lower carryover supply of 984,000 tons for the 2022 marketing year. Despite production challenges and increased production costs, domestic demand for peanuts has risen steadily, with per capita consumption reaching 8 pounds per person. U.S. peanut farmers are planning to plant more acres in 2023, with Georgia seeing an 8% increase, while New Mexico, Oklahoma, and Texas expect lower acreage. The market is expected to stabilize with a healthier carryover supply and a balance between high- and low-quality crop production.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Marshall Lamb said the U.S. peanut market tale isn’t bad. It’s one peanut that farmers might want to hear. At the Oklahoma Peanut Expo in late March, the economist and research lead at the USDA National Peanut Laboratory took peanut farmers on a data-driven trip through the domestic peanut market along with some international influences affecting it. The main takeaway? He said the peanut supply and demand is more reasonably balanced than in the last few years. But how did the equilibrium arrive and where is it going? Annually, the U.S. harvested peanut acreage has seesawed over the last decade, jumping from a low of just over a million acres harvested in 2013, to the high of almost 1.8 million acres in 2017. Acreage, following market queues, has trended down over the last three seasons, he said. In 2020, U.S. farmers harvested 1.61 million acres. In 2022, they harvested 1.41 million acres, or 134,000 acres less than 2021. Similarly, the U.S. annual average yield has ebbed and ...

Source: Farm Progress