Unfortunately, many of the peanut farmers of will not reap the benefit of the high prices, since much of their crop was already contracted before the prices began to increase. Despite this, the Executive Secretary of the Peanut Growers Cooperative Marketing Association Dell Cotton seems to have a good handle on the economic strategy for the peanut farmers. He states that "the cupboard is bare, so we've got to build the supplies back...But we've got to be cautious about that. You can't oversupply, because that kills the prices the other way."
With the increase in price for peanut butter, Kara Yorio provides a few alternatives in this NorthJersey.com article. Here are some of the suggestions she gives: almond butter, soy butter, sun butter. I have never tried any of these, but I suppose if I ate peanut butter often and was unwilling to pay the higher price, I might give them a try. It will be interesting to see what kind of domino effect the peanut shortage will have on other goods. One example is strawberry jam. Since the jam complements peanut butter, surely the demand for the jam will fall (ceteris paribus).