The arrival of winter groundnut in the South Indian states of Andhra Pradesh, Telangana, and Karnataka has been delayed, so the price of groundnut seed is increasing continuously. Usually, in the southern states, in the second and third week of February every year, there is a daily arrival of 0.15 to 0.2 million bags. Instead, 80,000 to 0.1 million bags are arriving daily, indicating a shortage and, thus, a price hike.
Consumption is more than expected
The price of Indian bold 50-60 count is $1400 to 1450 per ton. Further, In addition to export demand, the local consumption of groundnut seed has been more than expected in the current year, so groundnut has been an active commodity from the beginning of the season. However, the shortage has increased due to the late arrival of winter groundnut from the South.
Similarly, the demand for groundnut and groundnut seeds has slowed down for the last week because the temperature is rising, and thus, the market sentiment is being affected. Usually, every year after March 15, the demand for groundnut and groundnut seeds decreases entirely due to the onset of summer. But in the current year, the market has reduced due to the commencement of summer earlier.
Future Scenario
The arrival of new groundnut in Tamil Nadu will start after March 10. Due to this, after the arrival of Tamil Nadu begins, there is a possibility of a break in the present momentum, and prices are likely to reduce. On the other hand, in the international market, the demand is high due to Indian groundnut being cheaper than in other countries.
Experts also assume that China will purchase groundnut oil from India for one month now, but still, there is no possibility of any considerable increase in the export prices as the price of groundnut oil has reached the top level. Due to the rapid rise in the price of groundnut oil and groundnut seeds to reach the top level, the possibility of further growth is less, according to market veterans.
The Peanuts bold 40-50 prices were Recorded at $1,40 per kg FOB.
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