COMMODITY
Groundnut output of India likely to fall 29% on scanty rains: SEA
Oct-22-2018

The Solvent Extractors' Association of India (SEA) said groundnut output of India from summer-sown crop is likely to fall 29.2 percent from a year ago to 3.74 million tonnes. The output may decline as scanty rainfall hit yields in the top producing western state of Gujarat. The drop in output could force the country to raise overseas purchases in the 2018-19 marketing year starting from November 1.

As per the data, groundnut output halved from a year ago to 1.6 million tonnes in Gujarat. The India Metrological Department data showed that Gujarat received 28 percent lower rainfall than normal in the June-September monsoon season.

India buys palm oil from Indonesia and Malaysia, with its soyoil mainly imported from Argentina and Brazil, and purchases sunflower oil from Ukraine. The country’s palm oil imports in 2018-19 could jump 8.7 percent from a year earlier as consumption in the world's biggest edible oil consumer will expand amid a drop in local supplies.

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