The demand for Indian groundnut grains in the international market is prolonged because 80-90 counts of Java groundnut seeds from Sudan are being offered in the global market for $1000-1100 pmt and 38- 42 counts and 40-50 counts of Brazil and Argentina peanut are being offered for $ 1250-1300 pmt.
1500 containers (28500 MT) of groundnut, which have been sent from Brazil-Argentina to Russia, are currently stuck on the way, and these containers are being offered $1200-1250 pmt FOB basis to buyers. Every day the suppliers have additional cost of$100-150 on the containers already on the sea. They are offering lower prices to customers, so that they can switch to the containers to other countries. Indian 40-50 count variety groundnut seeds are being offered for 1300 due to high prices in the world market.
The export demand for Indian groundnut oil has come out for the last few days due to the non-supply of sunflower oil from Russia and Ukraine. Some deals have been closed for groundnut oil from $2050-2100 per ton.
The summer crop sowing of groundnut has been reduced by 20 to 25% in Gujarat. Farmers are getting reasonable prices on Sesame, Soybean, Guar, Pulses instead of groundnut. Therefore they are switching from peanuts crops to other crops.
At present, 30 to 40% of the Kharif groundnut crop is in stock with farmers, and 10% is in stock with traders. Apart from this, the new groundnut crop of Tamil Nadu has now started. Maharashtra’s new groundnut crop will also come in the market within a few days. There is sufficient stock available in the market till the seed consumption of the Kharif season comes out. More than 60 thousand tonnes of old groundnut stock with NAFED and more than 95 thousand tonnes were purchased in the current year; due to the stock lying there, its excess inventory will also affect the market.
Overall, there is no possibility of any increase in groundnut prices from the current level, considering the slowdown in export demand and the excess stock of the old groundnut crop. If there is a significant demand in the export of groundnut oil, then there can be an improvement of $0,03 to 0,04 per kg in groundnut. If the demand for seeds does not increase and the arrival of the new summer crop starts, there may be a drop of $ 0,03 to 0,04 per kg.
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