Peanut supplies may surge with a fourth consecutive acreage increase
Peanuts have always been a popular American food item, from peanut butter and jelly sandwiches to baseball stadium snacks. But not since 1991 have there been more acres of peanuts planted in the United States as there are now. The 1.8 million acres planted for the 2017/18 marketing year is the third highest on record. Since 2014, planted acreage has increased each year, after mostly trending downward for over 20 years. During that time, production did not fall due to increasing yields per acre, allowing farmers to dedicate less land to peanuts while maintaining steady output. The growth in acreage over the past 4 years has led to a sharp increase in the amount of peanuts on the market. If expectations are met, the 2017/18 peanut crop is expected to reach 6.45 billion pounds. This would only rank behind the 2012/13 record harvest of 6.75 billion pounds. Much of these gains have led to an increase in U.S. peanut exports, which have doubled since 2011. This chart is drawn from the ERS Oil Crops Outlook newsletter released in July 2017.
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