On December 12, the USDA released the September and October 2025 Peanut Stocks and Processing reports simultaneously. The releases, delayed due to the November government shutdown, provide information on stocks on hand as well as volumes used or processed for different purposes. The November update is expected on December 26. In its monthly Peanut Market Insight report, Expana includes the chart below, which tracks volumes of edible-grade peanuts used in various food products compared to recent years and a five-year average covering the 2020/21–2024/25 crop years.
September usage
September usage in products was reported at 183.0 million pounds, representing a month-over-month (m-o-m) decrease of 11.0 million pounds (-5.7%) and 5.1 million pounds fewer than September 2024 (-2.7%). This figure is 7.8% below the trailing five-year average of 198.4 million pounds for September.
Of the 183.0 million pounds, the usage breakdown is as follows:
- Peanut butter: 110.6 million pounds, ‑8.7 million pounds m-o-m, 7.4% below the September average
- Candy: 33.1 million pounds, ‑2.9 million pounds m-o-m, 5.9% below the September average
- Snack: 34.1 million pounds, ‑0.2 million pounds m-o-m, 11.7% below the September average
- Other: 5.2 million pounds, +0.8 million pounds m-o-m, 0.6% above the September average
October usage
October usage in products was reported at 188.6 million pounds, representing a m-o-m increase of 5.7 million pounds (+3.1%) but 20.1 million pounds fewer than October 2024 (-9.6%). This figure is 10.1% below the trailing five-year average of 209.8 million pounds for October.
Of the 188.6 million pounds, the usage breakdown is as follows:
- Peanut butter: 118.6 million pounds, +8.0 million pounds m-o-m, 7.6% below the October average
- Candy: 31.9 million pounds, ‑1.2 million pounds m-o-m, 7.3% below the October average
- Snack: 32.7 million pounds, ‑1.3 million pounds m-o-m, 17.7% below the October average
- Other: 5.4 million pounds, +0.2 million pounds m-o-m, 8.1% above the October average
Year to date accumulation
The first three months of the 2025/26 marketing year show an accumulation of 565.6 million pounds of edible grades used in products. This is 7.8% below the five-year average of 613.7 million pounds for the August-October period and 5.1% below the same period in 2024/25 (595.9 million pounds). Notably, the current year’s accumulation is below the minimum of the five-year range (573.5 million pounds), highlighting the weak demand environment. The five-year maximum for this period was 653.6 million pounds.
Market sources say the reported values generally align with market observations, though some have raised concerns about data collection methods during the government shutdown. Given that the USDA commonly adjusts historical values throughout the marketing year, stakeholders will be closely monitoring future releases for potential revisions.
Market participant commentary indicates that demand has been sluggish both domestically and abroad, aligning with the reported usage trends. Despite weak demand, prices have shown resilience and stability, though they remain at or near historic lows. U.S. sellers remain optimistic that lower-priced cocoa will help revitalize candy demand and boost peanut usage in candy products. Through the 2025/26 marketing year, the Medium Runner Peanut FCA SE US EBP has ranged between $0.48 and $0.49 per pound since August 2025.
Image source: Adobe
Written by Nick Moss
