Peanut auction prices remained on the higher side across the month with only a couple of slumps.
Factors Influencing The Price Of Peanuts
- Good local demand for the nuts has supported the spot market prices for a while now.
- Currently, both the stockists and financially strong farmers are holding on to their stocks and new crops.
- It has been reported that the raw peanut, extract, and peanut oil demand has been strong and stable in the domestic market.
- There have been high purchases during the last season and expected carryover stock.
- When China starts purchasing new stock is unknown, likely to impact the Indian peanut prices.
- International logistic challenges are still a factor; Peanut prices in India are going towards a bearish mode.
Price Trend
Bold 40-50
| Date | Price |
| November 29 | $1,12 per kg FOB |
| November 1 | $1,18 per kg FOB |
Price Trend
Java 50-60
| Date | Price |
| November 29 | $1,42 per kg FOB |
| November 1 | $1,33 per kg FOB |
Prices of peanuts increased for all its varieties on 10, 15, 18, 22, 24, and 25. The only downward trend recorded for the month was on 29.
Prediction
Good demand for the commodity globally is likely to impact the prices of Groundnuts in India. It might experience a positive sentiment due to the lessening in crop production because of heavy rainfall.
According to experts, the sowing area for the Groundnut Kharif crop has reduced by 3.6% while the production by 4.1%. The yield in Gujarat and Andhra Pradesh is expected to be affected due to the heavy rains earlier this year.
It now remains to be seen how the lower production of the crop will support its price in the coming days.
For more information, facts and figures, become a member. Click here.