ATLANTA – Consumers should prepare to pay more for peanut butter soon.
Another hot, dry summer in key producing states and competition from more profitable crops like cotton have significantly shrunk the U.S. peanut crop this year. The tight supply means consumers will soon pay more for yet another grocery staple.
U.S. farmers are expected to produce roughly 1.8 million tons of peanuts in the U.S. this year, down nearly 13 percent from last year. Assuming that estimate holds, it would be the smallest harvest since 2006.
The J.M. Smucker Co., which makes Jif peanut butter, plans to raise its wholesale prices 30 percent in November. Kraft Foods Co., which launched its Planters peanut butter in June, is raising prices 40 percent on Oct. 31. And multiple media outlets have reported that ConAgra Foods Inc., maker of Peter Pan, plans to raise its prices as well. Unilever, which makes Skippy, would not comment specifically on its pricing.
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