Current Market Developments:
- Groundnut prices in domestic spot markets of Gondal, Rajkot and Gadag have remained firm tracking strong demand from oil millers and groundnut seed processors.
- In the last couple of weeks prices in Gondal have increased by 2.39 percent, at Rajkot prices increased by 3.28 percent, and at Gadag prices reported an increase of 2.50 percent.
- As per market sources, strong domestic and export demand has resulted in tight supplies in spot markets. Moreover, farmers and stockiest are holding stocks expecting further increase in prices.
- Currently, in Saurashtra available stock with farmers is around 20 to 25 percent and around 15 to 20 percent stock is with stockist. In Gujarat, oil millers and seed processers are not getting sufficient quantity of groundnuts from spot markets as a result around 20 to 25 processing units are operational.
- The Kharif crop in Gujarat have remained low. However, crop harvest in Uttar Pradesh, Madhya Pradesh and Rajasthan was higher than last year satisfying most of the current domestic demand. Around 20 percent of stock is available in Uttar Pradesh and Madhya Pradesh.
- The current Rabi crop in Telangana, Andhra Pradesh and Karnataka is expected to be on lower side as per market sources. In the month of March Odisha and Tamil Nadu crop is expected to arrive in domestic markets.
- According to the Ministry of Agriculture, Kharif Groundnut crop production during 2022-23 is estimated at 83.68 lakh tonnes as compared to 83.75 lakh hectares last year. Total Groundnut crop production in 2021-22 had 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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