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Groundnut
Groundnut saw a record crop last year. The 3rd Advance Estimates for 2013-14 puts production at 9.5 million tonnes (mt). 2012-13 had seen the lowest output in a decade (4.7 mt) and the spike in prices last year are now cooling considerably. The all-India wholesale price of packed groundnut oil peaked at Rs 12,609.56 a quintal in February 2013 and has steadily fallen to Rs 11,031.29 a quintal in June. Prices now are around the same levels as two years ago, before the sharp increase. There has been no increase in the minimum support price this year, making for no pricing pressure here. Last year, it was set only 8% higher than the previous year, against the 37% rise in 2012. Though prices fell last year, the scenario is uncertain. With the delayed and poor monsoon, farmers in Central and Western India, particularly Gujarat, are waiting for the situation to improve, else they might dump groundnuts for oilseeds, which need less rain.
Available at http://www.indicus.net/ IndianEconomy/inflation
