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Monday, May 21, 2012 - 12:04pm

Peanut Prices Expected To Decline

Peanut farmers are wrapping up planting season. They’re increasing acreage, and that’s expected to decrease prices.

Last year prices for peanuts set records. Drought and acreage devoted to other crops led to tight supplies. This year Georgia farmers are planting 20-percent more of them.

Tyron Spearman with the National Peanut Buying Points Association says that means the price of peanut-based products should go down in the fall, once the U.S. crop starts making its way into food.

”If it’s as much as USDA says, that we’ve planted 1,394,000 acres, that could give us a 2.3 million ton crop and for sure peanut prices and their products will go down.”

Last year Georgia imported 50,000 tons of peanuts from overseas to deal with the shortage. Georgia produces nearly half the nation’s peanuts.