AgFax Peanut Review: Argentina Production Increases, U.S. Needs to Scale Back
- USDA’s peanut price highlights reports has prices up 3.8 cents, with runner-types up 3.0 cents.
- Andres Georgalos of Georgalos Peanut World reports that Argentina’s peanut production is excepted to increase 25% from the 1 million tonnes from the 2011/12 season. Argentina is the largest exporter of high quality peanuts and peanut oil and the chief provider to the EU.
- Sean Streicher of FOX 31 for Southwest Georgia reports that 1700 visitors and 97 exhibitors were present at the 37th annual Georgia Peanut Farm, providing knowledge of every aspect of the peanut industry. Experts at the Peanut Farm noted that while 2012 was a record breaking year for peanut production, farmers need to scale back in 2013 as there is currently an overabundance in the market.
EARLIER THIS WEEK
- USDA’s weekly national posted prices for peanuts.
- The Associated Press reports via CurrentArgus.com that Sunland Inc. has rehired some of its former workers after getting FDA approval to resume its processing operations. The company hopes to have the plant back in operation by March.
- The Albany Herald reports that the 37th annual Peanut Farm Show will be held in Tifton, Georgia, this Thursday, the 17th. The Farm show will provide a full day of education on the new products and services available in the peanut industry, with a free lunch provided and $40,000 in door prizes.
- USDA’s Oil Crop Outlook notes that increased acreage and record yields caused peanut production to swell 84% in 2012, leaving a hefty surplus even after heavy demand usage.
- Taylor Sanders of WALB News reports that Georgia leads the nation in peanut production once again, with record average yields and three times more acres harvested than the second ranking state.
On the Lighter Side
- Jr. Wisdom writes for the Ariton School paper, Cat Chat, that the National Peanut Festival in Alabama is an annual tradition that started in 1938 and ran until 1941 when it was interrupted by WW2, resuming in 1947 and running every year since. Dr. George Washington Carver was the first guest speaker with his 300 uses for peanuts, and the Festival has grown over the years to become a 10 day event with over 160,000 visitors.
Cotton prices slid all week with the exception of 2 minor higher days at midweek. The important 68 cent level was breached in Friday trading opening the way for another