AgriGuru News - Indian Peanuts Everything Hinges On The USA And China
16 JUN 2023 | SOURCE Der Auditor
Demand for peanuts is tricky and much hinges on China and the USA. Buyers in Europe may be quite active, but they do have issues with Argentina. Suppliers in India can barely compete with the prices on offer in Mozambique and Tanzania.
Demand in India is, by contrast, more subdued. Traders are mainly selling to Vietnam and Japan. While output rose sharply by an estimated 50% in Uttar Pradesh and by 25% in West Bengal, production is estimated 35% lower in Gujarat. As Chinese importers finalised shipments in the past two weeks prices initially rose. Now, however, cheaper offers for Java peanuts have emerged with prices ranging at USD 1,330-1340/mt FOB India. Prices will certainly lose ground.
China has already ordered nearly one hundred containers of peanut oil with rates ranging at USD 1,825-1,840/mt and sales are expected to continue on a similarly high level but at lower rates of USD 1,790-1,800/mt. Arrivals will cause price declines to around USD 1,750/mt after 15 June.
