O International Peanut Forum, a renowned event in the peanut production sector, which brings the main news and market trends every year, is being held this month from the 28th to the 30th, virtually.
We spoke to our peanut oil expert, Melinda Rodrigues, to find out what the first day of the event was like. Check out!
ABOISSA – We are in the middle of the Brazilian peanut harvest and are eager for information. What did the event bring in terms of estimates for this 20/21 harvest?
Melinda Rodrigues – “According to the experts who spoke at the event, this Brazilian harvest saw an increase in the planted area of around 10% to 15%. However, due to periods of drought and irregular rains during the harvest, some losses were observed. The total production volume of the harvest should remain the same as in the year 19/20.”
Regarding our neighbor, Argentina, do we have any news about the harvest there?
“The harvest is still in its early stages in Argentina. It will take a few more weeks for us to have details regarding the quality and sizes available.”
How is the international peanut oil market today?
“Although oil was not the focus of the event, experts were questioned about this market. International prices have been losing strength since the previous month, pressured by the drop in Chinese demand. In Brazil, it was reported that the raw material purchasing market for crushing is at a standstill now, compared to two weeks ago. This reflects the delicate situation in which the main crushers find themselves at the moment, with raw materials remaining at high prices, without support from the final product.”
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By Aboissa Commodity Brokers
