More On peanut Famine

Peanut Butter Price Jumps After Worst Peanut Harvest 
In 30 Years
The Huffington Post Tara Kelly

Thanks to a failing peanut crop due to last summer's scorching hot weather, there's a shortage of peanuts in supply. Big brands like Peter Pan, Jif and Smucker's are left with little choice but to raise prices, reports the Wall Street Journal.

The price jumps range from 24 to 40 percent, with Jif planning to raise prices by 30 percent in November and Peter Pan by up to 24 percent in the coming weeks, reports MarketWatch Radio.

So far, the Wall Street Journal says, USDA figures show the cost of a ton of unprocessed peanuts has spiked from $450 to $1,150 since last year.

Researchers at New Mexico State University told ABC KOAT News that high heat, strong winds and bone-dry conditions created the worst peanut season in more than 30 years.

Peanut butter is consumed in 90 percent of U.S. households. Americans consume on average over 1.5 million pounds of peanut butter and peanut products each year, notes to the National Peanut Board.

The peanut crop is not the only commodity to suffer from severe weather conditions. French wine and Italian pasta are some other endangered national exports impacted by climate change. Last week, a report claimed chocolate could become a luxury item if farmers in West Africa didn't adapt to the warming climate.

http://www.huffingtonpost.com/2011/10/10/peanut-butter-price-jump_n_1003732.html

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Reader Comment:
Because China and India combined produce ten times more peanuts than United States, Smuckers, ConAgra, and Unilever needs to get peanuts from other countries to make up for the shortfal and alleviate possible price increases.

Secondly, if farmers don't get their act together to stop further price hikes, they are just as the blame for Double Dip Recession 2011 as petroleum companies.