What is in this article?:
- USDA boosts 2013 peanut yields as supply continues to grow
- Carryover at more than 1 million tons
- An increase in peanut yield estimates for 2013 contribute to a market oversupply.
- The U.S. peanut carryover for this year is estimated at more than 1 million pounds.
- The stocks-to-use ratio has been positive, especially in the peanut snacks category.
PEANUT PRODUCTION AT more than two million tons will keep the U.S. carryover supply at one million tons.
The increase in 2013 peanut yields seen in the USDA’s latest report is good news if you’re grading variety performance, but it’s not so good for an already over-supplied market.
“The USDA’s January crop production report showed some increased estimates, so we had a little bit bigger crop than was reported this past November,” said Nathan Smith, University of Georgia Extension economist, speaking at the recent Georgia Peanut Farm Show held in Tifton.
“U.S. acres were raised by about 9,000, but the biggest change came in yields. It wasn’t as much as 2012, but it was the second highest yield on record, bringing us up to more than 2 million tons of production. The U.S. yield came in right at 2 tons, which is about 200 pounds less than the previous record, but it’s 200 pounds more than the November estimate. The final estimate for Georgia was 4,330 pounds per acre,” says Smith.
According to the most recent USDA report, U.S. peanut production is estimated at 4.17 billion pounds, up 7 percent from the previous forecast but down 38 percent from 2012. Planted area is estimated at 1.07 million acres while area harvested is estimated at 1.04 million acres. Planted and harvested acres are both down 35 percent from the previous crop year. Average yield is estimated at 4,006 pounds per acre, up 219 pounds from the previous forecast but down 211 pounds from 2012.
Coming off record-high production and average yield for the United States in 2012, peanut producers reduced acres in 2013. Yields increased in Florida, New Mexico, Oklahoma and Texas but decreased in Alabama, Georgia, Mississippi, North Carolina, South Carolina and Virginia. The condition of the crop was rated mostly good to excellent during the growing season. Florida is the only state reporting a record-high yield.