Peanut, sesame prices continue upward trajectory

The prices of peanut and sesame seeds continue to rally in the domestic market, according to Mandalay’s market price data.
In early August, the prices of sesame hit the highest of K135,000 per 45-viss bag of Niger seed, K190,000 per bag of brown sesame, K230,000 per bag of white sesame and K235,000 per bag of black sesame (Samone variety). The prices tremendously surged to K170,000 for Niger seed, K255,000 for brown sesame, K355,000 for white sesame and K320,000 for black sesame in early September. The price of various sesame seeds showed a significant rise of K35,000 to K125,000 per bag in one month.
Similarly, the peanut prices moved in the range of K5,000 and K6,100 per viss depending on varieties in early August, whereas the price jumped to K6,200-7,200 per viss in early August. The figures reflected an increase of K500-1,400 per viss within one month.
After Myanmar’s export ban on oil crops was eased and Kyat weakened against the US dollar in the local forex, the prices of peanut and sesame prices rose. At present, newly harvested peanuts and sesame are entering the market when foreign demand dries up. The local millers are also increasingly purchasing them, according to the commodity depots.
Following the hikes of peanut and sesame prices, peanut oil is priced at K14,500 per viss and sesame oil fetched K11,000 per viss.
Last April, 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 in order to have oil self-sufficiency.
Exports of Myanmar’s edible oil crops will resume as the world’s top palm oil exporters return to normalcy, according to a notification dated 5 July 2022 released by the Trade Department.—NN/GNLM