Peanut and sesame prices spiking again

The prices of peanut and sesame seeds rise again in the domestic market, according to Mandalay’s market price data.
On 1 July, the peanut price moved in the range of K4,200 and K4,400 per viss (a viss equals 1.6 kilogrammes), whereas the price rose to K4,500-5,200 per viss on 22 July. The figures reflected an increase of K300-8000 per viss.
Similarly, the prices of sesame hit the highest of K115,000 per 45-viss bag of Niger seed, K152,000 per bag of brown sesame, and K205,000 per bag of white sesame and K245,000 per viss of black sesame (Samone variety) on 1 July. The price jumped to K130,000 for Niger seed, K190,000 for brown sesame, K250,000 for white sesame and K255,000 for black sesame on 22 July. The price of various sesame seeds showed a significant rise of K10,000 to 45,000 per bag.
After Myanmar’s export ban on oil crops was lifted and Kyat weakened against the US dollar in the local forex, the prices of peanut and sesame prices inflated. The local millers are also increasingly purchasing them, scaling the stocks down, according to the commodity depots.
The market prices sand at K9,500 per viss for peanut oil and K8,000 for sesame oil.
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 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