The crop of South India is coming as per the assumption, but the supply of Java 80-90 and 90-100 count groundnut seeds is different from the premise, so there is a slight decrease in this count. Although the supply of Java 50-60, 60-70, and 60-65 counts is better than expected.
Demand for Ramadan is good
Currently, the demand for Ramadan in Indonesia, Malaysia, the Philippines, and Gulf countries is good in Java variety, and the supply of small-count groundnut seeds is less. The demand for Ramzan will continue for 8 to 10 days. After that, there will be a holiday of Ramzan for 10 to 15 days in Muslim countries; then, the demand will decrease. When the need for Ramzan decreases, the supply will also decrease. Due to this, there is no possibility of a reduction in Java 80-90 and 90-100 counts from the current price.
China imported 2.46 lakh tonnes of groundnut oil from October to September in the 2021-22 season. Whereas in the same period last year, only 40 thousand tonnes were imported from India. During the entire season in 2020-22, China imported a total of 2.18 lakh tonnes of groundnut oil from India. There is a possibility of importing 80 thousand to one lakh tonnes from India in the current year.
Less stock
The stock of groundnut, groundnut seed, and groundnut oil is significantly less in India, and the demand for sources will emerge in the next 3 to 4 weeks. At present, there is no possibility of a decrease in the price of groundnut due to the availability of stock with potent traders in the local market. So, given all the circumstances, experts opine that when demand increases, there may also be an increase in the availability of bold groundnut seeds.
The peanuts bold 40-50 prices were recorded at $1,43 per kg FOB.