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Peanuts: harvest starts in Argentina

April 28, 2021 12:34 PM, Der AUDITOR
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SANTIAGO/ATLANTA. Argentine farmers will soon begin the harvesting process. In the USA, the crop could be smaller than initially estimated.

Fewer goods for exports

The peanut harvest in Argentina is about to start and producers are relatively confident. Although initial estimates indicate that the volume available for export could be 100,000 mt less than last year, it should not be forgotten that last season there were perfect weather conditions from sowing to harvest. This made it possible to achieve above-average yields. Farmers currently expect this year's yield to be average to good, and the same applies to the quality of the peanuts.

USA to suspend import duties on EU products

The crop in the USA could be smaller than initially expected. In March, the USDA had given an estimate of 2.78 million mt, but now reckons a smaller acreage than originally assumed. More precise estimates are still awaited. The EU has called on the USA to suspend import tariffs on European products, which run into billions. If the US does not cooperate, the 25% import tariff on US peanuts would remain in place. Prices on the European spot market are showing a firm trend and are currently at EUR 1.95/kg FCA Spain for US Runner peanuts, blanched, 25/29.

Peanuts

Type, origin

EUR/kg

Runner, peeled, 38/42, Argentina

1.40

Blanched, 38/42, Argentina

1.70

Blanched, 25/29, China

1.95

In shell, 11/13, China

2.00

In shell, 11/13, USA

1.87

Runner, blanched, 25/29, USA

1.95

FCA Spain

Smaller acreage in China?

China remains the undisputed number one producing country, yet Rotterdam Commodity reports that the acreage will be smaller this season than last year. The Chinese government is encouraging farmers to maintain the country's food security and grow more staple crops such as wheat and corn, but it remains to be seen whether farmers will follow through. Chinese exporters are currently confronted with extremely high freight costs, which in some cases exceed USD 5,000 for a 20' FCL - if suitable containers are available at all.

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price chart, peanuts, with skin, 40/50, Bold, India
price chart peanuts, with skin, 50/60, Java, India
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