Bullish market sentiment raises peanut prices

peanut sskm
Peanuts are pictured in the market.

According to the Mandalay Commodity Wholesale Centre, the demand by Chinese buyers and domestic oil millers drove peanut prices upwards.
The prices touch a high of K6,500-K8,600 per viss in the domestic market depending on current varieties.
The prices hit a record high of K7,550-K11,000 per viss on the back of strong foreign and domestic demand on 18 August 2023.
​ Myanmar has been exporting oil seeds (sesame seeds and peanuts) to foreign countries. In April 2022, the world’s top palm oil exporter, Indonesia, one of Myanmar’s leading oil suppliers, declared an export ban on cooking oil export to reduce domestic shortage. Consequently, Trade Department under the Ministry of Commerce temporarily suspended exports of oil crops (peanut and sesame) from 9 May 2022 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 exported over 12,300 kilogrammes worth US$17.95 million to foreign markets through seaborne and border trade channels over the past nine months of the current financial year 2023-2024, beginning 1 April. — NN/EM

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