Record high average yield of 4,550 pounds per acre
Georgia farmers harvested 730,000 acres of peanuts
Peanut broker Jim Moore says huge supply could drive down demand
ALBANY, GA (WALB) -
The final peanut crop estimates are out for 2012, and Georgia's production blew away every other state.
The USDA says Georgia had a record high average yield of 4,550 pounds per acre which was 150 pounds an acre better than any other state.
Georgia farmers harvested 730,000 acres of peanuts which is 3 times more than the second state.
But experts say that huge supply of peanuts could drive demand down this year.
"We have got enough peanuts to last us until April of 2014. Now we will use them all up. They'll get used but what that is saying to me is that we don't need to plant to make the market balanced, we don't need to plant but so many acres," says peanut broker Jim Moore.
Experts say about 1/3 of that demand comes from overseas buyers in countries such as China and Indonesia.