There is no possibility of a further increase in groundnut feed because the arrival of new winter groundnut in the southern Indian states of Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, and Orissa is increasing continuously.
Demand fulfilled, crop decreased
The demand of Ramadan is now almost fulfilled. With the onset of summer, the local demand has also been met. Groundnut crop has decreased in 5 states of South India compared to the assumption, but the pressure of arrival is increasing. In Maharashtra, the arrival of new groundnut will start in the third-fourth week of April.
Like Gujarat, the sale of groundnut by the stockists of Uttar Pradesh, Madhya Pradesh, and Rajasthan is increasing continuously, but there is no demand. Due to this, there is currently a supply of 150 trucks in front of the need for trucks.
Assumption of recession
Looking at the market condition, there is an assumption of a recession in groundnut seed in the next month. Summer groundnut sowing in Gujarat is likely to increase by 20 to 25% due to higher prices. In the summer season in the current year, farmers are likely to sow only groundnut and sesame as compared to moong, urad, and other summer crops because farmers of groundnut and sesame have got excellent prices as compared to other summer crops.
There is a perception of good business for export after the new arrival of summer groundnut starts in the current season. The demand in China and Vietnam is low due to high prices. Still, due to the availability of new groundnut seeds, the demand in China and Vietnam is expected to rise again. Further, due to the temperature being more than 45 degrees during the summer, the time has come for many farmers who sowed summer groundnut to bear heavy losses, according to market analysts. Thus, the future of groundnut seems blurry.
The Peanuts bold 40-50 prices were Recorded at $1,42 per kg FOB.
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