Peanut Market Update – February 2022
The 2021 crop was considered a superior quality and much better yield. This lead to farmers realizing they were able to demand a premium for their crop. The pandemic resulted in a lower than usual demand but still sufficient enough to not reduce prices significantly. 2021 saw many USA states achieve record breaking yields such as Oklahoma, Virginia and South Carolina. Some states such as Texas and Georgia experienced flooding issues. This didn’t result in any drastic crop losses but did take a toll on their yields none the less. Overall crop yield was only up 4% for 2021 crop in comparison to 2020. Fertiliser pricing saw a large increase in 2021, but as Peanuts don’t require a large amount, pricing wasn’t affected too much. With this information in mind, some farmers in the USA switched from growing crop like cotton and corn to Peanuts.