It's been a trying season for peanut farmers. Wet weather pushed back planting and now a new report says peanut farmers could receive lower paychecks when they sell their crops this fall.
Larry Cunningham, a peanut options buyer, says, "Cotton prices being depressed caused more people to shift to peanuts, and as a result options prices have been less, more in the $20 per ton range as opposed to a $45 option last year, so we're looking at about a reduction of $25 per ton."
Bob Davison, a peanut farmer, says, "It's a big concern because it's a simple supply and demand economics. We might very easily find peanuts' price depresses just like everything else."
With continuous rainfall and continued good harvest condition, area peanut farmers are cautiously hopeful about this year's harvest.
Davison adds, “The crops are thriving, a lot of good rainfall, and everything looks real good."
Davison says he will continue to plant peanuts, but a lower paycheck this year may change the number of acres of peanuts he farms next year.
Peanut farmers say they plan to harvest the crop between September and October.
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