Oil Crops Outlook No. (OCS-05I01) 30 pp

October 2005

Peanut Backgrounder

Like producers of other agricultural commodities, U.S. peanut growers in recent years have confronted pressures from market forces and the impacts of policy developments, both domestic and international. Most notably, peanut policy was transformed in 2002 by the elimination of a decades-old marketing quota system. This policy step represented a fundamental change that was accompanied by substantial adjustments in the peanut sector. While demand growth has since been robust, greater supplies and lower prices are raising government expenditures on the peanut program. Federal budget pressures and the implications of trade agreements are important current issues. This report is the first of a series of background reports on key U.S. commodities, which will provide a concise overview of important developments in major sectors of the agricultural economy.

Keywords: peanuts, farm policy, marketing quota, trade, adjustment, tariff-rate quota, Farm Bill

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