Indian Peanuts remained stable this week Why Peanut markets are expected to go higher

Most of the domestic markets had less arrivals of peanuts this week. Farmers and traders are unwilling to sell and are waiting for the market to go up. They expect domestic and overseas customers to be active, and demand will increase shortly. Groundnut production in China is likely to decline, and it will import from India to fulfill its domestic groundnut oil demand. 

Global Crop Estimation 

This year groundnut crop in India (Gujarat) is higher, about 8.74% (38,55 lakh tonnes), than last year.

Nigeria is expected to produce 4.4 million metric tonnes against 4.3 million metric tonnes last season.

As per USDA, the United States is expected to produce 3.0 million tons of peanuts this year against 2.8 million tons in the previous crop.

China is estimated to harvest 18.2 million tons of peanuts against 17.9 million metric tons the previous year.

Price

The price for 40-50 Bold remained around 12,10$/mt FOB, and Java 50-60 were observed at 14,10/mt FOB.

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