Weekly Review-Peanuts

23-Nov-2024 06:28 PM

Peanut prices remained weak in other markets except Rajkot

Weekly Review of Peanuts (15-21 November 2024)

Market Overview:

• Gujarat: The arrival of new peanuts has started in most areas of Gujarat, which has increased market activity. However, the prices of peanuts remained weak in most markets except Rajkot.
• Rajkot: The peanut market in Rajkot saw a significant price increase of Rs 1250, with prices rising to Rs 6000-7250 per quintal, surpassing the minimum support price (MSP) of Rs 6783 per quintal set by the government.
• Other Markets: Prices in major markets of Gujarat, along with Rajasthan, Uttar Pradesh, Maharashtra, and Madhya Pradesh, fell by Rs 200-300 per quintal during this week.

Market Arrivals:

• Rajkot: The market saw a substantial arrival of 65,000 bags of peanuts on 15 November and 75,000 bags on 18 November. However, the daily arrival decreased to an average of 35,000 bags after these peak days.
• Other Regions: In Junagadh, 4000 bags arrived on 18 November. Other markets such as Bikaner, Jaipur, and Merta experienced decreased arrivals.

Price Trends:

• Peanuts: In major markets like Bikaner, Jaipur, and Merta (Rajasthan), Solapur (Maharashtra), Shivpuri (Madhya Pradesh), and several markets in Uttar Pradesh, peanut prices fell by Rs 100-300 per quintal.
• Groundnut Seed: In Bikaner, the price of groundnut seed declined by Rs 200-300 per quintal, reaching Rs 7000-7600. Similarly, in Solapur, Maharashtra, prices softened by Rs 100-300.

Groundnut Oil:

• Despite the increase in peanut prices, the price of groundnut oil in Rajkot fell by Rs 65 to Rs 1450 per 10 kg. Similar price drops were observed in Gondal, Junagadh, and Jamnagar. In other locations, the price of groundnut oil dropped by Rs 10-100.
• Branded vs Filtered Oil: Branded groundnut oil prices remained stable, while filtered oil prices softened slightly.
• Groundnut DOC: Due to weak demand for groundnut de-oiled cake (DOC), prices fell sharply by Rs 1000 to Rs 3000 per tonne.

In summary, while Rajkot saw strong price gains for peanuts, other markets experienced softer trends with declines in both peanut and groundnut seed prices. The groundnut oil market was marked by a decline in prices despite higher peanut prices. The demand for groundnut DOC remains weak, further impacting market conditions.