In September, the Argentine Peanut Chamber updated their production estimates for the 2018/19 season (crop harvested in spring and summer of 2019). The output has been revised from 1.25m tonnes to 1.4m tonnes, which is an increase of 22% y-o-y, supported by strong yields due to favourable growing conditions. The average yield is estimated at 2.52 tonnes per hectare from a planted area of 388,000 hectares (down 12% y-o-y). Last year, the yield was 1.83 tonnes per hectare.
At the same time, the Argentine Peanut Chamber has released export estimates for 2018/19. At 660,000 tonnes, the export shipments are set to grow by 53% y-o-y.
In addition, above-average inventorie in the US have been adding further pressure to prices of Argentinian origin peanuts. The Mintec price for Argentinian peanuts delivered to the EU has fallen by 1% m-o-m and is down 14% y-o-y.