Peanut oil price slides tracking peanut price

97 oil sskm
A picture shows peanut and oil made of peanut.

The prices of peanut and sesame seeds dip owing to the high supply and low demand in the markets. However, the palm oil price showed a slight increase despite oil tankers unloading the palm oil.
Although two oil tankers carrying 9,740 tonnes of palm oil docked terminals in Kyimyindine and Thilawa ports on 21 September 2022, the wholesale prices slightly increased in Yangon markets.
The prices stood at K8,200 per viss on 20 September, K7,900-K8,000 on 21 September, K7,200 on 22 September, K7,500 on 23 September and K7,600-K7,700 on 24 September.
The reference prices in Yangon were set at K4,730 per viss for a week from 12 to 18 September and K4,690 for a week ending 25 September.
During the harvest of peanut and sesame, the prices significantly dropped. The bulk supply from various regions drove the price down to K1,000 per viss of peanuts when both Chinese supply and purchase volume of the local millers were pretty low. As Yuan value against local currency slides a bit, the price of sesame was down by K20,000 per bag.
Approximately 40 ticals of peanut oil are produced if a viss of peanut is milled. A basket of sesame seeds can produce 6.5 viss of sesame oil on the average.
The peanut oil prices declined from K13,500-K14,500 per viss on 12 September to K11,000-K12,000 per viss on 25 September. The sesame oil consumption is low in the market so the price remains unchanged at K10,000-K11,000 per viss in the wholesale market.—TWA/GNLM


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