Peaches come from a can
They were put there by a man who lives in a factory downtown...

...And if I had my little way I'd eat peaches every day
Some soaking bulges in th shade

The story:

I was not the one who misheard them. A boy in my English class did. We had to to a poetry presentation and use the lyrics of a song as our poem. As part of the presentation every one was given a copy of the lyrics. He had one other one in there, but it was rather dirty, involving the part where they talk about putting thier fingers in the peaches.