In general the peanut markets have been very quiet the last week. Little to no offers on ’07 Crop and certainly no offers on ’08 Crop.
I have talked to some farmers, this week, that advised that some additional acres (planned for peanuts) have been planted in corn. The price for corn topped $6/bl. last week and some acres were planted in corn. The weather was good and University of Georgia planting guides allow planting of corn through April 15.
There is no way to tell how significant this increase in corn may be, but any reduction in peanut acres is not good.
Export Peanut numbers were released by FAS for February. They show total peanut exports up 72% Feb ’08 vs. Feb ’07. For the crop year Exports are up 14.7%. Most exporters agree, this trend will continue. The peanuts have already been sold and the numbers will come in as they ship.
This continues to bring concern that supply will be tight on peanuts as we move through the summer.
Again, it is very hard to get price indications from any Sheller.
The shellers are waiting to see how many acres are planted and shell a few more tons to see how yields come out.
We may see some additional offers on ’07 and ’08 crop in late May or early June.
Let me know if you have any questions or comments.