It's a whole new ball game

摘要

Cooler temperatures and rain at critical times boosted U.S. peanut production to almost 2.1 million tons, the most in 16 years. Production increased 27 percent above last year and acreage increased 4 percent. Yields averaged 2,990 pounds per acre, surpassing the record high of 2,880 pounds per acre set in 1984. Markets reacted strongly to the uncertainty of new legislation. Shellers and manufacturers indicated they would only purchase the inventory needed to transition to the new program, or only about 40 percent of the quota. However, boosted by a surge of peanut butter purchases, they have bought more than 950,000 tons, about 75 percent of the quota. The remaining 300,000 tons have moved to the loan to be crushed for oil. As of late December, theSoutheast had the majority of quota in the loan with more than 250,000 tons. Early sales for crushing were about 215 dollar per farmer stock ton indicating major losses.