The US Farm Bill moves out of committee

Published 2024년 7월 1일

Tridge summary

The peanut industry is facing uncertain times as the start of 2024 brings more market unknowns. Due to low profits in cotton and corn, peanuts are expected to save the season with favorable contracts. Planting has been delayed due to rain and drought conditions, raising concerns about optimum yields in 2024. The market remains firm with new crop peanuts in the high $0.50s, and domestic usage is down 3%. The Farm Bill is under development, aiming to improve commodity statistics and agriculture risk coverage. However, funding for the bill through the Supplemental Nutrition Assistance Program (SNAP) has caused controversy, and the bill's future remains uncertain. Meanwhile, peanut producers are struggling with production issues and have time to contract if they have not already done so.

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

Original content

J. Tyron SpearmanContributing Editor The peanut industry continues in a wait-and-see mode as the startup of 2024 adds more unknowns to the market mix. Peanut producers and industry leaders agree that since cotton and corn prices were not as profitable, peanuts would likely save this season with favorable contracts. As April rolled around, producers made their final decisions on how many acres to plant. Early on, soils were still cool and damp at the start of the planting window. In the Southeast and Virginia-Carolina area, an estimated 30% of acreage was planted by this time.