Peanut support price set

The USDA has announced that U.S. quota peanuts will have a support price in 2001 of $610 per ton, the mandated level in the 1996-2002 farm bill. The national average support level for additional peanuts will be $132 per ton, the same as the 2000 level.

The additional price support — those peanuts that are not quota — must be set at a level designed to insure that no loss from the CCC results from the sale or disposal of additional peanuts. USDA considered the demand for peanut oil and peanut meal, other vegetable crops and foreign demand for peanuts.

The 2001 additional peanuts owned or controlled by CCC will be sold for export edible use at no less than $400 per ton, the same minimum price since 1986. The annual price support is subject to quality and other adjustments. The differential prices by type will be announced at a later date.

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