Weekly Review - Peanuts
30-Nov-2024 07:32 PM
Weekly Review - Peanuts (22-28 November)
Peanut Prices: The peanut market experienced a decline in prices during the week of 22-28 November, driven by the increased arrival of the new Kharif crop. The arrival of fresh peanuts from Gujarat and Uttar Pradesh led to a reduction in market prices. In Rajkot, Gujarat, 35-35 thousand bags of peanuts arrived on 22 and 27 November, and a similar amount was recorded in Gondal. In Uttar Pradesh, Jhansi saw 25-30 thousand bags, while smaller quantities arrived in Mahoba (7,500-9,000 bags) and Mauranipur (15,000-17,000 bags). As a result, peanut prices in Rajkot dropped by Rs. 950 to Rs. 6,000-6,050 per quintal, while prices rose by Rs. 200 in Gondal and Rs. 400 in Bikaner. Markets like Jhansi, Mahoba, and Mauranipur saw a slight decline of Rs. 100-200 per quintal.
Peanut Seeds: Despite the overall fall in peanut prices, seed prices remained strong. In Bikaner and Jalgaon, the price of peanut seeds increased. In Jalgaon, the price for 60/70 count seeds surged by Rs. 500 to Rs. 10,100 per quintal, while 70/80 count seeds rose by Rs. 400 to Rs. 9,800 per quintal. The 50/60 count seeds saw a Rs. 300 increase, reaching Rs. 10,500 per quintal. Some fluctuations of Rs. 100-200 were also noted in other mandis.
Groundnut Oil: Groundnut oil saw a price reduction, especially in its loose form, due to weakened demand. Prices for loose oil fell by Rs. 25-30 per 10 kg in Rajkot, Junagadh, Jamnagar, and Bikaner. While branded oils maintained strong prices, filter oil saw a decline. Groundnut oil cake prices remained stable due to limited business, though a slight drop of Rs. 500-1,000 per ton was observed due to reduced demand for De-Oiled Cake (DOC).
Summary:
- Increased arrivals of new peanuts led to a decline in peanut prices in many markets, especially in Rajkot.
- Seed prices remained strong, with significant price hikes in Jalgaon for various seed counts.
- Groundnut oil prices softened due to weak demand for loose oil, while branded oils remained stable. Groundnut oil cake prices also experienced a slight decline.