Peanut Prices Remain Steady in India

For January 2022, the overall price trend for peanuts has been steady in India. There were only two price drops in the month till the 27th January, and with price increases a couple of times, the commodity recovered.

Market Overview 

• There is a chance that the peanut crop suffered in Karnataka due to the heavy rainfall last November.
• In the last 60 years, the state received the record rainfall in November, which has damaged crops worth USD 1.191,8 million. This is the highest in the country.
• The month-long rain resulted in nuts sprouting during the harvesting period. This has made the peanut crop inedible.
• The rain has also caused damage to the agricultural infrastructure.
• The heavy rainfall in Karnataka has washed away the topsoil and is silted. This has left the land barren.
• As a result, the expected yield is lesser than last year.
• On the other hand, Gujarat has developed a new variety of peanuts.
• The Padma Gujarat Peanut 41 (J.P.S.65) was developed by the Indian Council of Agricultural Research.
• The variety is suitable for rain-fed conditions, has a medium bold kernel, and is high in oil content.
• It is believed to be suitable for the oil and food industry.
• The average yield of the product is also higher by 16 per cent, i.e., 2.722 kg per hectare, and takes fewer days to be ready, i.e., 120 days.
• It is also quite resistant to diseases like peanut fungus and rust.
• Two other varieties have also been developed, i.e., G.G. II variety and G.J.G variety which produce 2.352 kg and 2.344 kg, respectively.

Prediction 

It remains to be seen how the market fares in the coming days, given the crop damage in Karnataka and Gujarat’s new variety. The market for peanuts has been on a downward trend after it reached a significant high last year with the increased demand for peanut oil and Chinese demand.

Price development

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