Chinese competition with the US in EU peanut exports, especially blanched peanuts. China offers cheaper EU quality blanched peanuts, potentially impacting US exports to the EU, depending on EU preferences for origin.
EU needs more peanut contracts for next year as Argentina faces stock shortages until at least June 2024. European buyers seek US peanut offers, but US sellers hesitate due to crop quality uncertainty. EU buyers may face higher US prices, possibly affecting demand.
China’s domestic peanut production to rise by 15% YoY, causing a drop in farmerstock prices. Previous expectations of increased US exports to China may not materialize as some uncertainties arise. Sudan’s crisis limiting peanut exports to China could create an opportunity. US exports to China will depend on US crop conditions and cleaning costs compared to market prices.
