Weekly Product Updates

W15 Peanut Update: Global Peanut Oil Production Estimated to Reach 6.13 mmt for 2023/24 Season, Daily Peanuts Arrival in Uttar Pradesh Increase

Peanut Kernel
Published Apr 19, 2024
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In W15 in the peanut landscape, the global peanut oil production for the 2023/24 season is estimated to be 6.13 mmt in the 2023/24 season, according to USDA’s April report. In addition, daily peanut arrival in Uttar Pradesh, India increased to 7 to 8 thousand bags compared to the usual volume of 5 thousand bags.

USDA Estimate Global Peanut Oil Production at 6.13 mmt for the 2023/24 Season

According to the Apr-24 World Agricultural Supply and Demand Estimates from the United States Department of Agriculture (USDA), global peanut oil production for the 2023/24 season is estimated to be 6.13 million metric tons (mmt), slightly less than the previous estimate of 6.14 mmt. Additionally, the forecast for global vegetable oil production is 223.17 mmt, higher than 217.88 mmt in the 2022/23 season.

Daily Peanuts Arrival in Uttar Pradesh Increased to 7 to 8 thousand mt

In W15, the peanut arrivals in Uttar Pradesh, India, increased significantly from the usual 5 thousand bags to 7 to 8 thousand bags per day. The average-quality peanuts were sold at USD 57.60/quintal, while high-quality batches fetched USD 62.40/quintal. The recent price increase has stabilized, with expected minor fluctuations. In Uttar Pradesh, around 30% of the peanut stock is shared by stockists, farmers, and mill owners. Despite substantial stocks, there is significant peanut demand in Gujarat. In contrast, the demand for peanut oil is weak in Gujarat, which negatively affects the demand for peanut crushing in Amreli, Godal, and Rajkot.

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