Peanut Shortage Will Require Demand Rationing, Oil World Says
"U.S. prices for peanuts, crushed to make cooking oil and used in Unilever’s Skippy peanut butter and Mars Inc.’s Snickers bars, jumped 49% in the past 12 months.Looks like droughts in the US and Africa have dried up peanut crops:
“World demand will need to be rationed this season."
"Another hot, dry summer in key producing states and competition from more profitable crops like cotton have significantly shrunk the U.S. peanut crop this year.With the warmer temperatures this Spring already, there may not be relief this year. Maybe China can make up our shortfall?
Peanut farmers had to delay planting this spring because of the heat, which cut their production. Others saw the plants they'd put in the ground scorch during the summer when the shoots, which poke back into the ground to produce the peanut seed, burned as they touched the hot soil.
Georgia, the largest peanut-producing state in the country, saw record-breaking heat and a lack of rainfall that prevented some peanut seeds from even germinating in the field. Other plants that did grow were baked in the hot summer sun, producing poor-quality nuts or sometimes nothing at all."