Indian Peanut Market Update for October 2021
The peanut market is in a bit of trouble in India with unexpected numbers, which leaves the situation quite uncertain for both exporters and importers.
As groundnut floods yards, APMCs regulate arrivals in Gujarat. The government’s First Advance Estimate has projected groundnut production in the state to close to four million tons. In comparison, the Solvent Extractors Association (SEA) has pegged the production to 3.8 million tons.
On Wednesday, the arrival of 23,000 quintals of groundnut was recorded, while on Thursday, Rajkot APMC recorded similar volumes. Despite estimates of a bumper harvest and farmers flooding their groundnut early in the marketing season, prices have remained firm.
As the harvesting season is at its peak, yards of major agricultural produce market committees (APMCs) in Saurashtra are flooded with groundnut, forcing APMCs to regulate arrivals of this crop even as prices remain firm.
The two biggest controlled-wholesale markets of groundnut have started regulating arrivals of the oilseed this week as increasing numbers of farmers carted their harvest to the market, leading to space constraints. On Wednesday, the arrival of 23,000 quintals of groundnut was recorded.
