Market Watch

Access Program funding projects and $470,000 for Foreign Market Development programs to promote peanuts and peanut products in selected markets in 2023. A group of Congressional leaders have introduced a bill to double the export promotion programs next year.

Argentina has suffered from lack of rain and heat during the early part of the growing season. Estimated planted area is about 375,000 hectares, a 10% to 12% reduction from last year. Rains are needed in February and March. If this happens, Argentina expects a decent crop.

Quiet Markets

Overall, the peanut market summary is the same as last month. The market is quiet as buyers have good coverage and are not wanting to buy into the market at the prices it would take to find a willing seller.

Year To Date Exports

U.S. peanut exports through October increased 2% by value but decreased 6% by volume as compared to the same period in 2021. Total exports reached 404,850 metric tons, valued at $601 million.

Shipments To Japan And Europe Grow, UK Declines

Shipments to Mexico remain strong, increasing 14% by value and 7% by volume to reach $176 million and 123,414 MT. Exports to Canada are also up for the year-to-date, rising 6% by value and 3% by volume to $172 million and 106,061 MT. Exports to China decreased 30% by value to $69 million and 38% by volume to 72,668 MT. Shipments to Europe, excluding the United Kingdom, increased 12% by value and 10% by volume to reach $64 million and 44,992 MT, while shipments to the UK decreased 3% by value to $21 million and 13% by volume to 13,270 MT. Exports to Japan increased 18% by value and 28% by volume to reach $33 million and 18,616 MT, respectively. Finally, exports to the rest of the world rose 4% by value to $67 million but decreased 1% by volume to 25,379 MT.

By Product Type: PB And Processed Peanuts On Upward Trend

The U.S. exported 154,274 MT of raw kernels valued at $204 million through October, down 27% by value and 34% by volume as compared to the previous year. Shipments of inshell peanuts (including farmer stock) totaled $120 million and 111,169 MT, up 3% by value but down 11% by volume year-over-year. Blanched peanut exports increased 213% by value and 354% by volume to reach $82 million and 64,636 MT. Peanut butter shipments have also increased, rising 7% by value and 5% by volume to $119 million and 37,029 MT. Finally, exports of processed peanuts totaled $55 million and 21,318 MT, up 32% by value and 37% by volume.

For more information on year-to-date U.S. peanut exports, visit PeanutsUSA.com

Source: American Peanut Council