The Hindu Business Line : Groundnut prices drop sharply on heavy arrivals

Groundnut kernel prices have declined by about Rs 350 to Rs 2,280 a quintal on Wednesday over the past one-month, while groundnut bold prices in Rajkot were quoted lower around Rs 350-360 for 20 kg.

"Daily inflows of seeds have increased sharply to 2.5 lakh bags (40 kg each) in the State. Demand for seeds from Chikki (a candy made with jaggery and groundnut) makers is good. However, offtake from crushers has not yet picked up due to price disparity," a Rajkot-based dealer said.

"Inflows may increase and go up to 3 lakh bags as overall crop in Gujarat is estimated around 18-20 lakh tonnes. Seed quality is good but oil content is relatively low at 43-48 per cent from regular 48-51 per cent," he said. About 20-22 per cent of total crop have already arrived in various mandis.

In Rajkot, groundnut oil (loose) prices were down Rs 70 at Rs 450 for 10 kg over last one-month, while new tin prices were also down Rs 112 at Rs 700 for 15 kg on Wednesday from recent peak of Rs 812 for 15 kg.

"Groundnut oil prices have been falling on expectation of good domestic crop. I think prices may fall further and can go up to Rs 425 for 10 kg in Gujarat market as supply is adequate against poor demand," Mr Sandeep Bajoria, President, Central Organisation for Oil Industry and Trade (COOIT), told Business Line.

In Mumbai, groundnut oil raw prices have fallen sharply by about 12 per cent in one month, mainly on reports of increased pressure of seeds supply in Gujarat amid steady but limited demand. Prices have declined by about Rs 70 per 10 kg at Rs 456 per 10 kg on Wednesday.

Groundnut output in the country is expected to be 51 lakh tonnes compared with 45 lakh tonnes last season, according to the Central Organisation for Oil Industry and Trade (COOIT), in its latest estimate of the winter harvest.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Down on arrivals

Rubber prices continue mixed trend

South-East Asia may look to India for sugar

Triveni Engg to set up sugar plants in Western UP

Gold prices driven more by non-physical factors

Groundnut prices drop sharply on heavy arrivals

Tariff values cut for vegoil imports

Venkateshwara Hatcheries in race for Haffkine Bio-Pharma

Suguna Poultry to use Oracle applications

Farm Ministry to moot higher subsidy for micro-irrigation

Coops find domestic market attractive for white arecanut