Indian peanut sowing has been lower, but production is expected to increase this season, mainly in Gujarat.
Due to good rainfall and favourable weather conditions, peanut production is expected to increase by 15 per cent this season. Only 10-15 per cent of damage was caused in peanut crops due to heavy rainfall. The last rainfall crop condition has completely changed the scenario, and yields have started to improve.
The new arrival of the peanut crop is expected to increase after ten days in markets, and currently, the crop arrived with 20-25 per cent moisture content, which is not preferable for the export market. Therefore, traders suggest waiting for two more weeks for new crop deals.
Peanut prices are currently quoted at $1,22 per kg FOB for the bold 40-50 variety; presently, demand is weak, and there is no demand from China. If the demand from China rises in the coming days market will get some support.
According to traders, prices will not decrease further, but the overall market future is dependent on China’s demand.
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