TERRELL COUNTY, GA (WALB) -
South Georgia farmers continue to harvest a record peanut crop. Nationwide, farmers are expected to harvest almost 3 million tons of peanuts.
With all those peanuts, consumers may start to see lower prices at the grocery store. Farmers are harvesting more peanuts this year than ever, about 3 million tons.
"We had a lot cooler weather in parts of the summer and the rain just fell at the right time," says Wilbur T. Gamble Jr., Farmer/Former GA Peanut Commission Member.
With last year's drought, many peanuts dried up in the ground. That sent prices sky rocketing, which prompted farmers to plant more peanuts.
"The whole state and the whole country made peanuts, so there are a lot more peanuts than the market needs and so the price has gone down, primarily to about support price which is about 355," says Gamble.
Experts say that means peanut butter prices could fall 10% or more.
"You are going to a see a reduction in peanut butter prices and I would say very little reduction in candies and all, but you will see some reductions but it wont be near what the farmer sees," says Gamble.
But even a slight reduction is good news for consumers.
"I think it is wonderful it is going down because the price of food in general is going up so I think it is a good thing," says Margaret Wood, Peanut Consumer.
Which means Wood plans to eat more peanut products as soon as the price drops.
"I am going to buy more peanuts and peanut products, I like peanuts, and because the price is going down," says Wood.
A hopeful sign that the peanut industry is on the upswing. USDA estimates the demand for peanuts will be up 4.5% percent because of the lower prices.
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