Price of peanut seed for planting stable; peanut price for oil drops

The price of peanut seed for planting is stable, while the price of peanut for consumption or oil extraction is declining, according to the Mandalay market.
Some growers are preparing for peanut planting in some regions. Consequently, peanut seeds were priced up to K6,000 per viss (a viss equals 1.6 kilogrammes).
Nevertheless, peanuts were harvested in some areas and entered the markets in large volumes. Therefore, the prices of peanuts for oil and consumption dropped.
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 K4,800-5,700 per viss on 10 November. The figures reflected a sharp decrease of K1,800 per viss within two months.
Meanwhile, peanut oil prices decreased to K11,000 per viss in the Mandalay market. Early last September, the peanut price peaked at K14,500 per viss in the markets.
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 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