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Is There a Possibility of a Further Decline in Groundnut Kernels?

Mintec Global
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As the bumper production of the TJ variety groundnut in Uttar Pradesh, the price of groundnut seeds has decreased significantly from what it was at the beginning of the season. 

 

Current scenario for groundnut

 

0.3 Million sacks of groundnuts have been arriving daily in Uttar Pradesh for the last few days. But in the previous few days, the arrival is decreasing, and 0.2 million sacks of groundnut arrived the day before. In the next 1 month, the arrival of groundnut will be reduced to 0.15 million bags daily. And currently, most of the exporters are buying groundnut of TJ variety from Uttar Pradesh.

 

Due to a decrease in the arrival of groundnut and a continuous increase in the demand of other states from the current year’s inception, the groundnut price in Uttar Pradesh is likely to increase. After a sharp rise in the prices of edible oils, there was a sharp slowdown, due to which the market’s enthusiasm was broken.

 

Possible decline for groundnut?

 

There is no possibility of a further decline in the price of TJ and Bold groundnut seeds due to a substantial reduction in the current season from the high price in a short period. And the experts predict that the price will remain rangebound in December. The price can improve if there is new demand from China in January. Due to the Lunar New Year holiday in China in the first week of February, there is an assumption that China’s demand for bold groundnut seeds will emerge in January. 

The Peanuts bold 40-50 prices were recorded at $1,29 per kg FOB.

 

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