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Peanut Butter Prices About to Soar

After the worst peanut harvest season growers have seen in years, it may be a good idea to start stockpiling your favorite peanut butter now.

CNN Money reports, "Kraft will raise prices for its Planters brand peanut butter by 40 percent starting Oct. 31."

The Los Angeles Times writes, "J.M. Smucker Co.’s Jif will boost wholesale prices 30 percent this fall, according to the Wall Street Journal. Unilever’s Skippy brand will see a 35 percent increase while ConAgra Foods Inc.’s Peter Pan label will jump nearly 25 percent."

The National Peanut Board, a farmer-funded research group, found Americans spend almost $800 million a year on peanut butter and consume more than six pounds of peanut products per person each year.

Hot weather and a drought are to blame for the peanut butter price increase. According to USDA figures on the summer crop of Runner peanuts, the variety mostly used to make peanut butter, raw peanuts that cost about $450 a ton in 2010 now cost $1,150 a ton.

Alan Stuart October 17, 2011 at 09:00 PM
"Hot weather and a drought are to blame for the peanut butter price increase." Sounds like climate change is already affecting the next generation directly. What are they supposed to do when a pb&j on white is 10 bucks??
solar1 October 17, 2011 at 10:58 PM
Before you blame climate change. Do some research on farm subsidies and peanut storage. I once worked for a peanut farmer, he would let the fields dry up telling me he would recieve more money from the goverment from subsidies than from the peanuts. Alot of these farmers have ways to irrigate but chose not to. It is alot easier when it rains of course. You very seldom have a perfect growing season!
Alan Stuart October 17, 2011 at 11:07 PM
I agree with farm subsides are totally out of whack! there are subsides out there that were put into place during the Dust Bowl and our way outdated but still in place and cost tax payer billions of dollars
Dave Patterson October 18, 2011 at 07:03 PM
If you've seen the documentary King Corn, you will know that they changed the corn subsidy in the 1970's to encourage the farmers to grow more, not less. The laws of unintended consequences applied and now the corn produced is designed to grow more per acre, and is almost devoid of nutritional value. Today' corn is only good for stuffing cows and making them sick, or for making high- fructose corn syrup that makes me sick. And, we pay the farmers do grow this stuff! Might we be doing a few things wrong?

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