Peanut Market News October 12, 2020
We learned that the China customs will not issue the new declaration for the tax rebate. They will leave it to the peanut exporters. The peanut exporters are facing two options from now:
1. Applying tax rebate as they did before 01-10-2020
2. Add the costs on top of the price, for exporting blanched peanuts as raw peanuts, instead of the same code as roasted peanuts.
We do believe that all the exporters will apply the tax rebate as they did before October 2020.
The weather circumstances are still very wet in the Northern part of China.
Peanuts laying on the fields, are not able to dry properly. The moisture content is between 10-15 percent, they said another rain fall will come in recent days, so suppliers are struggling with the earlier shipments in October.
Price wise, the total production in China is similar as last year. Importing peanuts to China is a lot less than last year, and so the sales of the new crop are going faster than normal. Domestic buyers don’t care too much about the moisture, but they pay better prices for the dryer goods.
Credit: Cofco Hebei