A drop in peanut prices pushed down the price of peanut oil in Monywa and Mandalay markets on 20 November.
The wholesale prices stood at K11,500 per viss of peanut oil and K12,000 per viss of sesame oil at the Monywa commodity depot that day. The prices touched a high of K13,000-K13,500 per viss of peanut oil and K12,000-K12,500 per viss of sesame oil in early July.
The wholesale reference price for palm oil is set around K4,990 per viss for a week ending 26 November.
The gap between peanut oil wholesale price in the Mandalay market and the wholesale reference price for palm oil is estimated at K6,000-K7,000 per viss. The price difference with the 18-litre jerrycan palm oil narrows to K3,000-K5,000 per viss.
The price gap between Yangon’s retail reference price of palm oil and peanut oil price widened to K10,000 per viss, whereas the peanut price is around K7,000 per viss higher than the price of the jerry can palm oil.
The prevailing peanut price is down by K1,000 per viss amidst the sluggish demand and in the absence of foreign demand. The price hit K7,000 per viss in mid-2023.
The productivity of peanut oil varies depending on the peanut quality. About 50 ticals of peanut cake and 38-43 ticals of peanut oil were produced per viss of peanut. The highest production is 45 ticals of peanut oil.
At present, Chinese buyers eye new monsoon sesame as they pass the acidity test. Subsequently, the sesame prices have risen to K100,000 per 15- viss basket. — TWA/EM
