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Peanuts: Texas struggles with drought

July 22, 2024 at 12:43 PM , Der AUDITOR
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NEW DELHI/AUSTIN. Although US growing regions in the Southwest have faced some heavy rains, growers in parts of Texas continue to face drought and water shortages. In India, prices could soon receive support.

Prices in India continue to fall

Indian peanut prices have been on a sustained downward trend since May and have fallen by around 9%. A large crop is expected in India this season and the carry-over stocks from 2023 are also relatively large. In Uttar Pradesh, crop damage is said to have occurred in some cases. Demand from Thailand, Malaysia and the Philippines is low, while Indonesia and Vietnam are showing average buying interest and demand from China remains weak. Algeria has shown increased interest due to the poor crop in Brazil.

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