Traders report brisk sales of newly harvested peanuts at high price

Trading of the newly harvested peanuts is bustling and the price remains on the high side, Mandalay Commodity Wholesale Market stated.
Fresh peanuts from Kyaukpadaung, Tatkon, Yamethin, Magway and Aunglan areas are entering Mandalay markets from the third week of August. The local millers are also increasingly purchasing them, beyond the foreign demand, according to the commodity warehouses.
In end-July, the peanut prices moved in the range of K5,300 and K5,700 per viss (a viss equals 1.6 kilogrammes) depending on varieties, whereas the price jumped to K6,000-6,600 per viss on 23 August. The figures reflected an increase of K600-1,000 per viss over the past 20 days.
Similarly, the prices of peanut oil rocketed to K14,000 per viss.
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, Trade Department under the Ministry of Commerce temporarily suspended exports of oil crops (peanut and sesame) from 9 May in order to have oil self-sufficiency.
Exports of Myanmar’s edible oil crops have resumed 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