|
|
Article: Peanut oil prices climb on lower peanut supply. (Oils, Fats & Waxes).
- Article from:
- Chemical Market Reporter
- Article date:
- April 28, 2003
- Author:
CopyrightCOPYRIGHT 2003 Schnell Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
PEANUT OIL PRICES are reaching highs not seen since 1997-1998. A combination of tight supply and projected lower global peanut production for the rest of the 2002-2003 marketing year is creating upward pricing pressures. Current crude peanut oil pricing has reached 51 cents per pound, up 89 percent from last April's price of 27 cents. The average price in 1997-1998 was 49 cents per pound.
"Supply was stable last year as we had excess peanuts to crush from the government load program," says Ben Powell, analyst at Wilkie Marketing Inc., a Dawsonville, Ga-based consultancy. "However, with this year's short crop in the US and Argentina, the industry will see a ...