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Article: Domestic Peanut Oil Prices Slide Due to Pressure From Supplies.
- Article from:
- Chemical Market Reporter
- Article date:
- April 26, 1999
- Author:
CopyrightCOPYRIGHT 1999 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)
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PEANUT OIL PRICES have plummeted because of higher domestic supplies and imports. The federal government recently issued additional peanuts for edible use and crushing tinder the Commodity Credit Corporation (CCC) loan program. This caused prices, which were already under pressure from increased imports, to weaken even more.
"Some downward pressure is usually created whenever the US government puts more peanuts in the CCC loan," a trader explains. "If demand is good, the market won't drop very much, but this year the demand has not been great, so the market dropped considerably."
Argentina, South Africa, Mexico and other countries have increased their ...