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Current Market Developments:

• Since last fortnight Groundnut prices in Gondal, Rajkot and Gadag spot markets have shown weak trend as consumption demand mainly from the edible oil producing mills remained subdued. Overall, the groundnut market sentiments have remained weak. Traders, stockiest and exporters demand have remained low.

• However, some support at lower levels is seen for groundnut prices as current Kharif acreage at All-India level have declined by 7 percent at 45.48 lakh hectares as compared to 49.07 lakh hectares same period last year.
• Reports of crop damage is coming from key groundnut growing belts of Gujarat and some parts of Rajasthan. Crop acreage in Gujarat has declined to 17.09 lakh hectares as against 19.09 lakh hectares a decline of 10 percent. Similarly, in Andhra Pradesh also the current crop acreage has declined by    13 percent at 5.47 lakh hectare as against 6.27 lakh hectares last year. However, trade sources are of the opinion that overall groundnut production would be around last year level.
• At the International front, Groundnut production in China is estimated to decline by 15-20 percent due to unfavourable crop weather conditions in major groundnut producing belts of Henan and Shandong. Normally, China produces around 120 lakh tonnes of groundnut annually.
• Groundnut oil imports from China are expected to increase in coming days. Already in the month of August 2022 Chinese buyers have brought good amount of groundnut oil from India and now they are offering prices quotes of around 1800-1900 dollars per tonnes.
• China also buys good amount of groundnut oil from Brazil and African countries. Normally, the trade from African countries starts from mid-November-December onwards. So, there are good chances of Chinese demand for groundnut oil to increase.
• Groundnut crop production 2021-22 in India as per the Ministry of Agriculture fourth advance estimates, is likely to decline by 1.3 percent at 101.06 lakh tonnes as against 102.44 lakh tonnes during 2020-21.

Groundnut Price Trend Vs Seasonality at Key Markets

Groundnut Area, Production and Yield: India & Major States

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“agribazaar” 2022.