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Article: Peanut Oil Market Recovers As Supplies Continue to Ease.(Statistical Data Included)
- Article from:
- Chemical Market Reporter
- Article date:
- October 4, 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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THE US PEANUT OIL market has tightened up because of lower production and imports. Since April, prices have risen steadily--a sharp contrast to the general decline in the costs of major edible oils.
In April, peanut oil fell to 29 cents per pound, as the government issued additional peanuts for edible use and crushing under the Commodity Credit Corporation (CCC) loan program. Increased domestic crushing, coupled with higher production and exporting from Argentina, put downward pressure on the market.
Yet during the past four months, prices have gone up by about 11 cents per pound. Weak demand for edible peanuts, a market that has been stagnant for most ...