Cameron, S.C., peanut grower and buyer Monty Rast says he cut his peanut acreage back by 30 percent to compensate for the over-supply situation.

By July 4, Mother Nature cut back another 30 percent with a 100-year record rainfall in May, June and July.

How much of the 40 percent remaining from his 2012 acreage remains to be seen. “We’ve never had rainfall like this before — it’s a record for the past 100 years, so we don’t really know what, or even if, we will have a peanut crop this year,” Rast says.

Neighbor and former Peanut Profitability Award winner Bud Bowers in Luray, S.C., says this will likely be one of the worst, if not the worst peanut crop he has ever grown. “There’s always time for peanuts to come out of a water log situation, but some of ours are just drowned out so badly, I doubt they will come back,” he adds.

From north Florida to southeast Virginia the news is similar, though not as dire in most peanut producing areas. How much impact the excessive rainfall will have on reducing the over-supply situation remains to be seen.

The good news for peanut growers this year is exports the first four months of the year have already reached 80 percent of what was expected for the time-period and demand for peanut products remains high.

The bad news — nobody knows how big the crop will be this fall.

Speaking at the recent Southern Peanut Growers Association meeting in Panama City Beach, Fla., Marshall Lamb, head of the USDA Peanut Research Lab in Dawson, Ga., said the key numbers to watch out for are final acreage totals.