Nuts

Peanuts: disappointing output

June 27, 2022 at 10:10 AM, Der AUDITOR
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NEW DELHI. As the new peanut crop is arriving in India suppliers are rather disappointed with production in Uttar Pradesh. Prices have taken a rather surprising turn.

Production 34% lower

Output in Uttar Pradesh, one of India’s leading peanut producing states, ranges 34% lower than anticipated. Hopes were initially high that production would save the day here. Disease has, however, impacted yields instead and minor shortages are being reported in local markets. Producers in Uttar Pradesh mainly transport peanuts to other states such a Gujarat and Rajasthan and sell the remaining volumes to crushing and sorting factories.

Global demand should also pick up in the next few months. China has imported around 300 containers of peanut oil in the past two weeks with average prices ranging at USD 2,050-2,150/mt. China’s demand should remain at this level until the new crop arrives in October. As other leading suppliers such as Brazil, Argentina and Sudan, in addition, do not hold enough stocks this season India will certainly have a leverage over the market in the next three to four months.

Prices start to rise

Although prices were largely fixed throughout India in June, this is now starting to change. Prices climbed in India last week and should continue to do so with suppliers urging their customers to buy now. Total weekly arrivals recently ranged at 11,668 mt, of which Uttar Pradesh supplied 5,936 mt.

Peanuts, with skin

Type

USD/mt

Bold, 40-50

1,310

Bold, 50-60

1,275

Bold, 60-70

1,260

Java, 50-60

1,430

Java, 60-70

1,360

Java, 70-80

1,350

FOB India, non-EU quality

 

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price chart, peanuts, with skin, 40/50, Bold, India
price chart peanuts, with skin, 50/60, Java, India
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