There will be no orders for export from Uttar Pradesh for the peanut due to the low quality of the produce. The goods will instead be used in crushing. On the other hand, the demand for peanuts in Indonesia, Malaysia, the Philippines, and Thailand will continue to be the same without any increase.
Mozambique and India’s new peanut is available in the world market. However, compared to Mozambique’s peanut quality, the Indian variety is better. As a result, it is traded a dollar higher per kg than the Mozambique variety in some Asian countries.
Also, the shipment of the peanut from Mozambique has not reached Indonesia and Malaysia yet. It is expected about one and a half months later.
Mozambique’s peanut price is between $1,15 and $1,20 per kg compared to India’s $1,34 to $1,35 per kg. The price range for the Indian variety was between $1,15 and $1,18. But due to the sudden increase in the demand from China, the price has gone up.
In India, the harvest is over. The arrival of the new groundnut crop in Maharashtra is currently on, but it is a minimal crop. The summer groundnut crop of Uttar Pradesh will start after 15 to 20 days. The arrival of summer crops in Saurashtra and North Gujarat is slowly beginning. The harvest of Saurashtra and Gujarat is estimated to be only half of last year, and the picture will be clear after the arrival of the Uttar Pradesh crop.
With the limited production of the crop, the price is unlikely to become bearish for the harvest and will stay range-bound in the coming months.