Peanut price rebounds on strong domestic, foreign demand

 

January 26

 

The price of peanuts moved up again to over K7,000 per viss (a viss equals 1.6 kilogrammes), according to Mandalay Wholesale Commodity Centre.

 

During the last week of November 2022, the peanut market was stagnant due to a lack of demand by oil millers and foreign buyers. The peanut prices declined to K4,700-5,750 per viss then. The prevailing prices move up to K5,900 -7,050 per viss.

 

High domestic and external demand pushed up the price.

 

The peanut from various regions is flowing into Mandalay commodity depots at present. Chinese traders are buying them. Moreover, they are highly demanded by the oil millers in the domestic market.

 

Myanmar has been shipping oil seeds (sesame seeds and peanuts) to foreign countries. Last April 2022, the world’s top palm oil exporter Indonesia, which is one of the main oil suppliers to Myanmar, declared an export ban on cooking oil export to reduce the domestic shortage. Consequently, Myanmar’s Trade Department under the Ministry of Commerce temporarily suspended exports of oil crops (peanut and sesame) from 9 May to have oil self-sufficiency.

 

Exports of Myanmar’s edible oil crops resumed as the world’s top palm oil exporters returned to normalcy, according to a notification dated 5 July 2022 released by the Trade Department.

 

The country has shipped more than 15,000 kilogrammes worth US$17.336 million to foreign markets through the border trade channels as of 13 January in the current financial year 2022-2023 since April 2022. – NN/EMM