Peanut butter prices soared last year after a drought and high heat in the Southeast, where most peanuts for peanut butter are grown. This year, the region got a break while farmers in most of the rest of the United State suffered huge losses in the widest drought in decades. Executive Director of the North Carolina Peanut Growers Association:
“When peanuts were very short, prices went up 40%. There will be plenty of peanuts this year. But prices wont go down as much as they would go up.”
Farmers are now expected to bring in two-thirds more peanuts than they did in 2011.
South Carolina’s 2012 Peanut Crop Shows Promise for Future Growth
This year South Carolina peanut farmers planted a record 105,000 acres of peanuts. Ten years ago that number was just 10,000 acres. The increase is keeping inspectors and crews busy at the nine drying and buying stations across the state. On average, this year’s peanut crop is yielding nearly two tons to the acre.
The South Carolina Department of Agriculture (SCDA) hired 69 peanut inspectors to help with this season’s grading process. South Carolina ranks fifth in the nation in peanut production.
Animal Ag Key to U.S. Soybean Farmer Success
A new report prepared for the United Soybean Board and soy checkoff concludes that the future success of the U.S. soy industry is closely tied to the long-term competitiveness of animal agriculture. According to the report – the challenges facing U.S. poultry, livestock and fish farmers – including rising feed prices and costs related to environmental and animal welfare regulations – threaten the future profitability of the nation’s soybean farmers. USB Domestic Marketing Program Chair Lewis Bainbridge says U.S. soybean farmers should care about animal ag because it’s their number one domestic customer. He says they need to be sensitive to the issues facing poultry and livestock farmers and make sure they’re providing high-quality soy meal.
Wall Street Closes for Hurricane Sandy
The New York Stock Exchange and the Nymex were closed on Monday as New York and lower Manhattan prepared for Hurricane Sandy to come ashore. The last time the Exchanges were closed was on 9/11 and the last time they closed for a weather event was for Hurricane Gloria in 1986. While the Chicago Board of Trade carried on business as usual, as well as the Chicago Mercantile Exchange and the Kansas City Board of Trade, the closure of the financial markets made for a quiet day in Midwest trading. Wall Street will also be closed today.
Farm Bill Debate After Election a Big “If”
U.S. House Majority Leader Eric Cantor’s recent commitment to take up the farm bill issue after the November election comes with a healthy dose of uncertainty. Cantor was quoted as saying he is committed to bring the issue to the floor and then to see a way forward so we can get the votes to pass a bill. In an email – Cantor’s spokesperson Megan Whittemore says Cantor said the issue would come up – but did not specify what that might be. Cantor had previously called for pushing the reset button on the farm bill.
American Farm Bureau Deputy Director Dale Moore tried to be optimistic…
“I think we are still in the same tight box that we were in relative to do we have the votes to get a farm bill passed on the House floor. We think that we can.”
Moore credits Cantor for looking for a path forward and assumes – but can’t say for sure if the Majority Leader is ready to whip members to vote for a bill many in both parties oppose.