Groundnut market trend difficult to predict amid rising prices

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As the price of groundnut is rising in the market, its market trend is difficult to predict, according to pulse traders’ circle.

“Talking about supply and demand, people rush to buy when demand rises. There are many buyers. The price of groundnut rose a lot two weeks ago,” a pulse trader said.

On 20 January, the price of groundnut was K 7000 – 7500 per viss.

“Trade volume increased. There is demand. We dare not predict the price for the next six months. The rise and fall of groundnut is too rough. In the last three or four months, its price has plunged down from its peak. We don’t want people to forecast groundnut price because its trend is very volatile,” he said.

Groundnut is mainly grown in central dry areas of Myanmar, such as Magway, Sagaing and Mandalay regions, but it is also grown in other regions and states.

It is a staple edible oilseed crop for domestic consumption and grows well on fluvisol, silty sand, vertisol and silt islands. Groundnut is cultivated from early May to the first week of June in the early-monsoon cultivating areas for erect varieties and spreading varieties, from early September to the first week of October in the late-monsoon sequential cropping areas, from October to the first week of November in silt islands, and from November to the third week of December in the sequential cropping areas of cold season groundnut after paddy.
Thit Taw/ZN

 

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