For the Quarter Ending June 2023


North America:

During the second quarter of 2023, Peanut Oil (Groundnut Oil) prices in North America closely mirrored the market trends observed in Europe. Prices of Peanut Oil continued their descent from the beginning of Q2 until June 2023. This prolonged bearish market sentiment for Peanut Oil was driven by elevated inventories of Peanut Oil in the region and abundant supply among domestic merchants. Additionally, reduced trade activity from Brazil, a major exporter of Peanut Oil, further impacted Peanut Oil prices throughout North America. Rising interest rates and higher energy costs had a detrimental effect on import activities, as production in exporting nations experienced significant reductions. Furthermore, minimal fluctuations in refinery inventories influenced the market sentiment for Peanut Oil in North America, consistently pushing prices downward. However, on the demand side, weak consumption across the North American region exerted downward pressure on prices, prompting merchants to destock their inventories at lower price points.

Asia Pacific:

In the APAC region, Peanut Oil prices exhibited a fragile pricing trajectory in the Indian market. Starting in April 2023, Peanut Oil prices steadily declined compared to the previous month, as several traders noted that domestic suppliers held ample inventories capable of meeting the region's overall demand for that month. Another contributing factor to the lower price trend in May for Peanut Oil was the weakening global demand, influenced by various factors, including the increasing prices of other vegetable oils such as soybean oil. Soybean oil, being one of the cheaper and more versatile oils compared to groundnut oil (Peanut Oil), negatively affected overall demand for Peanut Oil in the global market, resulting in a decline of over 4 percent. As June drew to a close, Peanut Oil prices continued to reflect a bearish market trend in the Indian market. Consequently, Peanut Oil prices in India were recorded at USD 930 per metric ton CFR Shanghai and USD 1887.89 per metric ton Ex-Ahmedabad.

Get Real Time Prices of Peanut Oil (Groundnut Oil): https://www.chemanalyst.com/Pricing-data/peanut-oil-1335

Europe:

Throughout the second quarter of 2023, Peanut Oil maintained a diminishing market sentiment with consistent price declines. Prices steadily dropped due to reduced supplies from Brazil and Argentina, two major exporters and producers of Peanut Oil. The European market was burdened with ample stocks purchased in the short term to fulfill domestic demand. As the second half of Q2 approached its conclusion, some market analysts attributed the ongoing decline in Peanut Oil prices in June to the presence of high global exportable supplies. Additionally, data from the Food Price Index of the Food and Agriculture Organization of the United Nations (FAO), which tracks monthly changes in global prices of widely traded food commodities, showed that inflation stood at 122.3% in June, representing a 1.4% decrease from May and a 23.4% decrease from its peak in March 2022. This further supported the downward price trend for edible oils across the European market.


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