Weekly Review-Peanuts

07-Dec-2024 07:40 PM

Peanut prices soften due to increasing arrival of new goods

Weekly Review - Peanuts (29 November - 5 December)

Peanut prices have shown mixed trends across different markets, driven by varying factors such as arrival rates, demand, and regional variations.

  • Rajkot, Gujarat: Despite the general softness in peanut prices, strong demand from traders and crushing units led to an increase in the price of peanuts in Rajkot by Rs 950, reaching Rs 6000-7250 per quintal. The arrival of peanuts in Rajkot, which had previously been between 25,000 and 40,000 bags, reduced significantly to only 6,500 bags by 5 December, contributing to the price rise.

  • Other Markets:

    • Solapur, Maharashtra: Peanut prices fell by Rs 100 to Rs 6100 per quintal.
    • Jhansi, Uttar Pradesh: Prices dropped by Rs 300 to Rs 3500-4000 per quintal.
    • Mauranipur: The price fell by Rs 200, settling at Rs 3800-4100 per quintal.

The overall trend shows that while some markets are seeing price increases due to demand and lower arrivals, others are experiencing price reductions, particularly in areas with weaker demand.

  • Groundnut Seeds:

    • Bikaner: Prices of 60/70 count groundnut seeds rose by Rs 100 to Rs 7300 per quintal.
    • Jalgaon, Maharashtra: The prices of 40/50 count and 60/70 count seeds fell by Rs 200 each, while 50/60 count seeds saw a decline of Rs 300 per quintal.
    • Solapur: Prices of 60/70 count seeds softened by Rs 100.

  • Groundnut Oil:

    • Prices of groundnut oil generally increased by Rs 25-40 per 10 kg in various regions, although some plants experienced a weaker price increase of Rs 10. The increase in oil prices was mainly due to low demand for filtered groundnut oil.
    • Jaipur and Newai: The groundnut oil market in these areas was sluggish.
    • Groundnut Oil Cake: The market for oil cake remained stable, with limited trade. However, the price of de-oiled cake (DOC) dropped by Rs 500 per ton due to subdued trading activity.

  • Market Outlook: The arrival of groundnuts has started increasing in major producing states, and the export performance of groundnuts is improving compared to the previous financial year. This suggests a positive outlook for the groundnut sector, despite fluctuations in domestic prices.

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