For the Quarter Ending September 2023
North America:
In the third quarter, the trajectory of Peanut Oil prices in North America showed improvement until the middle of the period, only to witness a considerable drop as September 2023 drew to a close. The prices experienced an upward trend from July through August, driven primarily by the global surge in peanut oil prices. This surge was influenced by various factors, including reduced production in major exporting countries like Brazil and an increase in global demand. Refiners also increased their purchases in anticipation of demand during upcoming festivals, contributing to the upward momentum in the market. Additionally, the rising demand for other edible oils, such as palm oil, further strained the already limited supply, causing prices to rise. However, as September 2023 approached, prices saw a significant decline due to a sudden drop in demand for peanut oil in the exporting market. This led to an increase in the supply of other edible oils like Mustard oil and soybean oil, putting downward pressure on peanut oil prices.
Asia Pacific:
In the APAC region, particularly in the Indian market, Peanut Oil prices witnessed a notable surge at the beginning of the third quarter, maintaining an upward trajectory until August. However, in September 2023, prices experienced a significant decline. The surge in prices was influenced by a moderate increase in downstream demand for Indian peanuts and a scarcity in stock that kept prices high until August. India, being a major exporter of peanuts, saw sustained high export activity, while the domestic market maintained a balance in overall supply and demand dynamics. Traders in India observed an unprecedented surge in demand, leading to a tightening of supplies and subsequent price increases. Additionally, the Consumer Price Index (CPI), which measures retail inflation, is expected to rise to approximately 7% in July 2023, with a likelihood of inching closer to 7.50%. The rising costs of inputs essential for peanut cultivation, such as fertilizers and insecticides, also contributed to the continuous rise in Peanut Oil prices. The depreciation of the Indian rupee against the US dollar in recent months further played a role in this trend. As the quarter concluded, prices in the region dropped again, stabilizing at $1983.71 per metric ton as of September 2023.
Get Real Time Prices of Peanut Oil: https://www.chemanalyst.com/Pricing-data/peanut-oil-1335
Europe:
In the third quarter of 2023, Peanut Oil prices in Europe experienced an increase until August, followed by a sharp decline as September came to a close. The rise in prices was fueled by a significant surge in demand across the region and a shortage in stock, leading to higher global prices for peanut oil, including in the European market. Robust purchasing activity persisted in the regional market throughout the month, driven by the global festival season, especially in exporting regions like India, which typically begins in August and extends until October. During this period, there is heightened demand for groundnut oil as a key ingredient in many traditional dishes, further contributing to the rise in prices. However, in September 2023, demand from the downstream sector decreased, resulting in excess stockpiles among domestic merchants. This situation was exacerbated by reduced trading in certain agricultural products, including corn, due to weakened regional demand. As a result, market sentiment remained subdued due to declining buyer demand, sluggish sales from downstream industries, and a lack of new inquiries from both domestic and foreign suppliers.
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