Peanut growth and pod yield are influenced by sowing spacing and plant density. Production and distribution of dry matter on peanut cultivars sown in different spacings and densities and their relationships with pod and kernel yields were assessed. The factors evaluated were two cultivars (Florman INTA, virginia-type “runner” and Colorado Irradiado, valencia-type erect), three interrow spacings (IRS) (0.70, 0.50, and 0.30 m) and two interplant spacings (IS) (0.06 and 0.12 m). The 12 treatments were disposed in a factorial arrangement of 2×3×2 and a randomized block design with three replications. Weeds were controlled with Imazetapir (100 g ai/ha) and also hand weeded while leaf spot control was done with Fluzilasole (60 g ai/ha). Sowing spacings did not affect phenologic stage duration, but the differences observed were due to the cultivar. Vegetative growth was sensitive to spacings effect. At an individual plant level, dry matter and leaf area decreased significantly because of the greater intraspecific competition produced by the shortening of distances between rows (from 0.70 to 0.30 m) and between plants (from 0.12 to 0.06 m) and the corresponding density increase from 12 to 56 plants/m². However, at a population level, most compact spacings produced more dry matter per surface and leaf area index. This also is related to the lesser time required for plants at these spacings to achieve a radiation interception higher than 90%. Dry matter distribution did not vary with sowing spacings. The number of branches per plant was reduced with the increase of density. The effect was greater in the late maturing cultivar. The most compact sowing spacings (0.30×0.06, 0.50×0.06 and 0.30×0.12 m) produced higher pod and kernel yield/ha than those less dense. This response is based upon the significant correlations between the dry matter and number of branches per surface area, and leaf area index and pod yield.