Peanut prices slump again due to supply of newly harvested peanut

The supply of newly harvested peanuts to Mandalay markets caused prices to dip again to around K6,000 per viss (a viss equals 1.6 kilogrammes), according to the Mandalay commodity wholesale centre.
On 1 September, the peanut prices moved in the range between K6,800 and K7,200 per viss depending on varieties, whereas the prices declined to K5,600-6,000 per viss on 22 September. The figures reflected a sharp decrease of K1,000-1,200 per viss within three weeks.
From the third week of August, a new supply of peanuts from Kyaukpadaung, Tatkon, Yamethin, Magway and Aunglan areas has been entering the markets in Mandalay city.
The peanut among edible oil crops has both domestic and foreign demands. Domestic oil millers are increasingly purchasing them in the competitive market at present.
Meanwhile, peanut oil is priced at K12,000 per viss in the Mandalay market.
In 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 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. – NN/GNLM

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