Strong demand from local/foreign buyers pushes up peanut price

The strong demand for local oil millers and foreign trade partners elevated the prices, as per the Mandalay market’s report.
The peanut from various regions is flowing into Mandalay commodity depots. Chinese traders are buying them for now. Moreover, they are highly demanded by the oil millers in the domestic market.
During the last week of November 2022, the peanut market was stagnant due to a lack of demand by oil millers and foreign buyers. Peanut prices declined to K4,700-5,750 per viss then. The prevailing prices move up to K5,200-6,600 per viss. The figures however still do not reach record prices – K6,800-7,200 per viss – in early September last year.
Myanmar has been shipping oil seeds (sesame seeds and peanuts) to foreign countries. Last April 2022, 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.
The country has delivered more than 13,000 kilogrammes worth US$15.092 million to foreign markets through the border trade channels as of 30 December in the current financial year 2022-2023 since April 2022. – NN/EMM