Despite the decrease in groundnut cultivation in Gujarat, the production of groundnut is expected to be the same as last year due to good rains. In the current year, the planting of the G-20 variety has decreased, and with the newly discovered variety, the yield per hectare will be good. Farmers informed that due to the current rains, the new arrival of groundnut is expected to be a bit late.
Groundnut crops in China this year due to extreme heat and drought are expected to decrease. In China, 50 percent of the groundnut crop is in Henan and Shangdong. There is a drought-like situation in this area, so China’s groundnut crop is expected to come down by 20 percent. Generally, China’s groundnut production has been 11 to 12 million tonnes, which is estimated to be less than 10 million tonnes in the new season, therefore now China is importing groundnut oil from India. In August, China imported coconut oil.
As the groundnut crop is expected to decrease in China and the groundnut crop is also expected to decrease in Brazil and Argentina, if the price of groundnut oil remains low here, it is estimated that China will buy 50 thousand tons of groundnut oil from India in the new season. It is less likely that China will come to buy groundnuts from India because China gets the benefit of duty-free in buying groundnuts from Sudan. It is expected that China will reduce the purchase of corn kernels from India as China gets corn kernels duty-free from Sudan and other African countries.
Groundnut crop condition in Sudan is currently showing good and production of 13 million tonnes of groundnut is estimated to be the same as last year. Sudanese groundnut prices are $1,200 per ton, which may drop to $1,150 as new groundnut revenues begin.
There is no possibility of a major slowdown in the prices of groundnuts, groundnuts and groundnuts as there is a possibility of export of groundnut oil to China and demand for groundnut oil in the local market continues to increase.
As the export condition of groundnuts is a little weak, the market of groundnuts is likely to improve only if there is a demand for Chinese groundnuts and groundnut oil. Since the war between Russia and Ukraine has been going on for a long time and the shipment rates have increased, the export of Indian peanuts to Russian countries will be very less, similarly, European countries have made the quality rules very strict, so it is difficult to export peanuts to Europe as well. Indonesia and other Asian countries are regular buyers of Indian peanuts whose demand is expected to remain unchanged.
The peanuts bold 40-50 prices were recorded at $1,33 per kg FOB.