Low inventory drives up peanut prices

Growers from Htigyaing, Katha, Singu and Madaya areas cannot supply peanuts to the Mandalay market at present due to the Ayeyawady river floods. Consequently, low inventory pushed up the prices in early August.
The prices of peanuts moved in the range of K4,000-K4,500 per viss (a viss equals 1.6 kilogrammes), whereas the prices jumped to K6,200-K6,400 per viss, according to the Soe Win Myint depot.
The foreign and domestic demand has elevated peanut prices in recent days. Low yield is a contributing factor to a price hike. This year, the imported palm oil price is not that different from the locally produced peanut oil. Therefore, consumer behaviour has changed and turned to peanut oil due to the health benefits amidst the increase in imported oil prices.
“Newly harvested monsoon peanuts from Magway, Yenangyoung and Kyaukpadaung areas are entering the Mandalay market. Unexpected price increases happened amid low inventory. The price is expected to remain on an upward trend as peanuts will be harvested two months later,” the Soe Win Myint depot owner explained.
Peanut is primarily grown in Mandalay, Sagaing, Magway and Ayeyawady regions. Myanmar has edible oil self-sufficiency. Moreover, oil crops are exported to foreign markets as well. Magway Region, which has gained a reputation as the oil pot of Myanmar, is the main producer of beans and pulses including oil crops. — Min Htet Aung (Mandalay Sub-Printing House)/GNLM