This report provides an overview of the current sesame tender in Korea, scheduled for bidding on February 21, 2024. The tender seeks to procure 12,000 metric tons of sesame, with specified cargo arrival dates. The tender has indirectly influenced the local peanut market, resulting in a price hike and increased market volatility. Given these conditions, it is recommended to exercise caution in offering Indian-origin peanuts in the present market.
Sesame Tender Details:
- Bidding Date: February 21, 2024
- Quantity Required: 12,000 metric tons
- Cargo Arrival Dates: 6,000 metric tons by April 26, 2024 and 6,000 metric tons by May 24, 2024
- Minimum Bid Quantity: 450 metric tons
- Maximum Bid Quantity: 900 metric tons
Impact on Indian Peanut Market:
The announcement of the sesame tender has led to increased procurement activities in the local peanut market, with a notable price increase of USD 0.10 since yesterday. This surge is attributed to stockholders capitalising on the market’s bullishness ahead of the tender bidding. The market is expected to remain unsettled until the tender bidding concludes and results are announced.
Market Recommendations:
– For Sellers: Sellers holding stocks of Indian-origin peanuts are advised to exercise patience and refrain from offering their stocks in the current volatile market. The market is anticipated to stabilize post-tender, which may present better selling opportunities.
– For Buyers: Potential buyers of Indian-origin peanuts are advised to delay their purchases for 10-15 days. This waiting period is expected to allow the market to settle post-tender, potentially leading to more favourable buying conditions.
Conclusion:
The ongoing sesame tender in Korea has had a significant ripple effect on the local peanut market in India, causing price hikes and market bullishness. Stakeholders in the Indian-origin peanut market are advised to adopt a wait-and-see approach until the tender process concludes and the market stabilises. This strategy is expected to mitigate risks associated with the current market volatility and enable more informed decision-making.
For improved website design , harvest information , statistics , please subscribe CMBroker
Related posts:
Sesame Market Weekly Update: Stability With Global Supply Challenges
India’s Vegetable Oil Imports Drop by 25% in December
Dry Weather in Argentina Boosts Soybean Prices, While Ukraine Faces Market Pressure
US Soybean Prices Increase for the Fourth Day Due to Weather
Rapeseed and Canola Futures Begin 2025 on a Positive Note
Sesame Market Weekly Update: Stable Performance
US Soybean Prices Rebound After Four-Year Low
Sunflower Prices in Ukraine Slip Below $0,675 Per Kg