Peanuts have become China best-performing agricultural commodity as dry weather and Beijing’s policies have eaten into supplies, raising traders’ fears that demand from the world’s largest importer of the legume will push up international prices.
China suffered a severe drought in key growing areas last year, while the government’s agricultural subsidy programme, which favours soyabeans, has led to a sharp drop in the country’s peanut acreage.
Futures contracts traded on the Zhengzhou Commodity Exchange have risen about 10 per cent this year to just under Rmb11,000 ($1,582) a tonne. They are hovering just below a record high touched late last month, making them the country’s best-performing agricultural commodity so far in 2023.
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