The U.S. peanut market has been since the end of the quota system on a boom-bust cycle, leaving farmers in a state of oversupply and suppressed prices or responding too much in acreage following a high-price season.
Total U.S. peanut acreage will be up 29 percent in 2014. Total upland cotton acres will increase 7 percent compared to last year but down in some Southern states. U.S. soybean acres set to set record and higher in Southeast, too, with wheat acres down, according to USDA Prospective Plantings report issued March 31.
Cool soils and wet conditions over the past few weeks have slowed Georgia's 2014 corn planting, but its full-on now at Raymond Thompson’s Seminole County farm near the Florida line. Early planted seed gives Deep South corn growers a chance at premium prices for a mid-July corn harvest.
USDA's proposed 2015 budget is less than its 2014 budget but still looks to bolster rural development, finance younger farmers, improve food safety, and reduce funding for the Commodity Credit Corporation and some producer insurance premium subsidies.