Georgia's peanut farmers say they're going to sell at least eighty thousand tons of product to China in the next few weeks. With a price that's anything but peanuts.
Elvin Andrews is a retired Extension Coordinator. he said "thirty two, thirty five million dollars for this one purchase."
The Chinese buyers are coming to the rescue in what could have been an over supply crisis.
Andrews went on to say "we have to move them because the trouble is from what I've heard at the end of season last year, we had enough peanuts in stock for two years if we never grew another one."
Georgia exported about 300,000 tons of peanuts last year. Agricultural officials expect that number to triple this year due in large part to Chinese Demand.
Andrews said "India has had a bad crop year and their peanut production is down, and I think that's another one of the reasons China's out looking in the open market."
With traditional suppliers out of stock, Georgia was a logical second choice.
Jeremy Taylor is the Lanier Extension Coordinator. He said "Georgia produces almost half the peanuts in the country and we've always maintained that and last year was a real good crop."
A near record 735,000 acres of peanuts were planted in the state last year.
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