So far, peanut oil has remained stable amid a sharp slowdown in imported edible oils. It is expected to stay steady and will likely reach between $1,94 and $2,03 per kg in the coming days.
The factors that led to the peanut oil getting steady in the market are:
Edible Oil Palm Oil, Soya Oil, and Sunflower Imports first saw a sharp rise, and after that, a huge bearish trend is now visible.
Since the Corona period, there has been public awareness about the consumption of natural edible oils. Due to this, peanut and mustard oil consumption has increased continuously.
Also, with the stoppage in the supply of sunflower oil due to the war between Russia and Ukraine, the consuming class of sunflower oil moved towards peanut oil.
The most consumption of peanut oil happened in Gujarat. It has been recorded the increase occurred by 20 to 25 percent in Gujarat. But the entire country’s overall trend has shifted towards peanut oil consumption.
There is also a report of a slight decrease in the peanut sowing in Gujarat by 18 to 20 percent. However, the overall sowing in the country is estimated to be about 520,000 -530,000 hectares.
The onset of the monsoon in Gujarat was very encouraging. There is a perception that the pods of peanuts will also remain intact. Also, it has been reported the government has sufficient stock of the commodity. Hence, there is no possibility of any significant disruption in supply for the next 2 to 3 months.
The Peanuts bold 40-50 prices were recorded at $1,31 per kg FOB