Groundnut oil spot prices are expected to stay lower over the next few days on reports of good crop prospects in Gujarat , the largest producer of groundnut in the country.
Groundnut raw spot prices in Mumbai are hovering around Rs 615 per 10 kg on Tuesday, down by Rs 25 over previous week, while Rajkot loose prices are quoted around Rs 625 per 10 kg, down by Rs 35 over previous week.
Rajkot tin price was down by Rs 50 to trade at Rs 925 per 15 kg.
?Availability of groundnut oil will increase to over 3 lakh tonne in this season from 1 lakh tonne – 1.5 lakh tonne last season. The groundnut crop for this season is expected to be around 17 lakh tonne -18 lakh tonne,? said an official of Gujarat-based Saurashtra Oil Millers? Association (SOMA). Groundnut is one of the major crops in the kharif season and Gujarat is the prominent groundnut-growing state in the country.
?The groundnut crop in the state is expected to increase to 21-22 lakh tonne, up from 18 lakh tonne last season. Among the major groundnut- growing districts, the crop is estimated around 4 lakh tonne in Jamnagar and 6.20 lakh tonne in Junagadh,? Bipin Patel, chairman, SEA Groundnut Promotion Council, told FE.
?The crop prospects in the Gujarat are good. I think fresh inflows of the new harvest will start from next month,? Bipin Patel added.
Small parcels of fresh arrivals have already started this week as some sowing in Junagadh and Porbundar had taken place in the 2rd or 3rd week of June.
?Fresh arrivals may increase from the first week of November,? Patel explained.
?During the current kharif season, the total groundnut crop in the country is expected to decrease by 1 lakh tonne to 49 lakh tonne from 50 lakh tonne in the last season,? GG Patel, managing partner, Dipak Enterprises, said in September.