For the Quarter Ending June 2023
North America

In North America, Peanut Oil prices mirrored the market trends in Europe during the second quarter of 2023. Prices steadily declined from the beginning of Q2 until June, primarily due to high inventories and abundant supply among domestic merchants. Trade activity from Brazil, a major exporter of peanut oil, also weakened, further impacting prices in the region. Additionally, rising interest rates and higher energy prices hindered import activities, as production in exporting countries decreased significantly. Refinery inventories remained unchanged, contributing to the downward market sentiment. On the demand side, lower consumption across North America kept prices low, prompting merchants to destock their inventories at reduced prices.

Asia Pacific

Across the APAC region, Peanut Oil prices exhibited a fragile trajectory in the Indian market. Starting in April 2023, prices steadily dropped compared to the previous month. Domestic suppliers had ample inventories to meet regional demand for the month. Global demand for Peanut Oil weakened due to factors such as increased prices of alternative vegetable oils like soybean oil, which is cheaper and more versatile. This led to a drop of over 4 percent in overall Peanut Oil demand. As June concluded, Peanut Oil prices continued their bearish trend in the Indian market, reaching USD 930/MT CFR Shanghai and USD 1887.89/MT Ex-Ahmedabad.

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

Europe

Throughout the second quarter of 2023, Peanut Oil prices in Europe experienced a diminishing market sentiment, with a consistent decrease in prices. Reduced supply from Brazil and Argentina, major exporters and producers of Peanut Oil, contributed to the declining prices. The European market was heavily stocked with short-term purchases to meet domestic demands. As Q2 neared its end, Peanut Oil prices continued to decline in June, driven by high global exportable supplies. The Food Price Index of the Food and Agriculture Organization of the United Nations (FAO) showed that inflation was 122.3% in June, supporting the downward price trend for edible oil across the European market.

South America

In South America, particularly in Brazil, Peanut Oil prices showed a consistent downward trend throughout Q2 2023. This decline was influenced by reduced export potential in certain European regions and chronically low global demand. Brazil faced a historic drought in April, impacting Peanut production and exports. The country's domestic production during this drought significantly affected global food security. As the harvesting season arrived, the decline in oilseed supply and increased availability from the new harvest further contributed to the market trend. Weakening foreign exchange rates also played a role in the overall market trend for various edible oils, both domestically and internationally. Weaker inquiries from importing nations and higher supplies among merchants led to the decrease in Peanut Oil prices. In June, prices ended at USD 1720/MT FOB Santos.




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