The prices of peanuts tumbled down in the Mandalay market owing to the excess supply of peanuts when the global demand faltered.
It is the harvest season of peanuts so they are flooding the Mandalay market. At present, demand by the main buyer China is also slowing.
Moreover, oil millers’ demand is also sluggish, as per the Mandalay Commodity Centre.
The peanut prices hit a high of K11,000 per viss on 18 August on the back of strong foreign and domestic demand.
The prevailing prices move in the range between K6,450 and K8,800 per viss depending on the varieties, indicating a one-month drop of K1,100-2,200 per viss.
Nonetheless, the peanut oil price is still high at K15,000 per viss.
Myanmar has been exporting oil seeds (sesame and peanuts) to foreign countries. In 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 to reduce domestic shortage.
Consequently, Myanmar’s Trade Department under the Ministry of Commerce temporarily suspended exports of oil crops (peanut and sesame) from 9 May 2022 to ensure 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 conveyed about 90,000 kilogrammes worth US$14.503 million to foreign markets through seaborne and border trade channels over the past five months of the current financial year 2023-2024 beginning 1 April. — NN/EM
