Much better conditions this summer in the southeast mean a drop at the supermarket for peanut butter prices.
Prices for peanut butter soared last year following the extreme heat and drought. Fortunately, the southeast received a lot of moisture this year, making for a bumper crop.
“When peanuts were very short, prices went up twenty, thirty, and even forty percent. They’re going to have plenty of peanuts this year,” said Bob Sutter with the N.C. Peanut Grower’s Association.
Farmers are expected to harvest two-thirds more peanuts this year than they did in 2011.
The benefit of lower peanut butter prices will be noticeable to organizations such as food banks who buy very large amounts and could also increase their donations.