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Article: Peanut Oil Prices Decline As Supplies Rise in the US.(Brief Article)(Statistical Data Included)
- Article from:
- Chemical Market Reporter
- Article date:
- December 20, 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 are declining because this year's harvest has increased supplies. Prices climbed to a high of 42 cents per pound as stocks from the previous crop shrank while demand remained steady. But about three weeks ago, the US government decided to issue additional peanuts under the Commodity Credit Corporation loan program, causing prices to slide.
"We have about 200,000 [metric] tons of stock in the [CCC] loan, compliments of shellers who did not buy domestic peanuts this year because they still had inventory left over from last year, which is now being put into the market for crush," says a trader.
The additional peanuts caused oil prices to ...