Peanut Weekly Review
09-Nov-2024 06:07 PM
Peanut Weekly Review
Peanut Prices Fall Due to Heavy Arrival in Gujarat
New Delhi – The price of peanuts has been experiencing a downward trend due to a significant increase in arrivals from Gujarat, the country's largest peanut-producing state. The supply surge has put pressure on the market, resulting in a sharp decline in prices.
- Gujarat Market Dynamics: On November 6, around 5,000 bags of peanuts arrived in Rajkot, with prices ranging between Rs 8,000 and Rs 11,000 per quintal. However, by November 7, the supply had surged to 50,000 bags, causing a drastic drop in prices by Rs 3,000 to Rs 6,000-8,000 per quintal. This increase in arrivals overwhelmed the market, leading to the price correction.
- Gondal Market: Meanwhile, in Gujarat's Gondal market, the arrival of peanuts decreased from 80,000 bags to 65,000 bags, but the price still fell by Rs 155, settling between Rs 4,500 and Rs 6,000 per quintal.
- Uttar Pradesh Markets: In Jhansi, Uttar Pradesh, 35,000 bags of peanuts arrived, which led to a price increase of Rs 200 to Rs 3,800-4,600 per quintal. On the other hand, in Mauranipur, despite the arrival of 20-22 thousand bags, prices fell by Rs 200 due to weak demand from buyers.
- Other Markets: Mahoba saw arrivals of 4,500-7,500 bags of peanuts, and prices were somewhat stable amidst mixed demand across different regions. The overall outlook for peanuts remains influenced by large harvests in major producing states like Gujarat, Karnataka, and Rajasthan.
Groundnut Seed Prices and Trends
- Bikaner: In Bikaner, the price of groundnut seeds (50/60 count) increased by Rs 300 to reach Rs 8,800 per quintal, signaling a demand for quality seeds.
- Jalgaon: In contrast, prices of groundnut seeds in Jalgaon, particularly those from Karnataka and Andhra Pradesh, fell by Rs 100-200.
Groundnut Oil Market
- The groundnut oil market remained sluggish, contributing to a price drop. In Rajkot, the price of groundnut oil fell by Rs 40 to Rs 1,520 per 10 kg.
Summary:
- Peanut Prices: Experienced significant declines in Gujarat due to a surge in arrivals, while Uttar Pradesh saw price improvements in some markets.
- Groundnut Seeds: Prices were mixed, with some regions seeing price hikes (Bikaner) and others seeing declines (Jalgaon).
- Groundnut Oil: Weak business conditions led to a slight decrease in oil prices in Rajkot.