The prices of peanut and sesame seeds continued upward spiral. Peanut prices hit over K7,000 per viss (a viss equals 1.6 kilogrammes) in the domestic market, according to Mandalay’s market price data.
On 18 July, the peanut prices moved in the range of K4,700 and K4,900 per viss depending on varieties, whereas the price jumped to K6,400-7,000 per viss on 18 August. The figures reflected an increase of K1,800-2,100 per viss within one month.
Similarly, the prices of sesame hit the highest of K122,000 per 45-viss bag of Niger seed, K185,000 per bag of brown sesame, K250,000 per bag of white sesame and K250,000 per viss of black sesame (Samone variety) on 18 July. The prices soared to K160,000 for Niger seed, K227,000 for brown sesame, K280,000 for white sesame and K265,000 for black sesame on 18 August. The price of various sesame seeds showed a significant rise of K15,000 to 43,000 per bag in one month.
After Myanmar’s export ban on oil crops was eased and Kyat weakened against the US dollar in the local forex, the prices of peanut and sesame prices climbed, according to the commodities depot.
At present, an abundant supply of newly harvested peanuts and sesame is entering the market. The local millers are also increasingly purchasing them, coupled with the foreign demand, according to the commodity warehouses.
The hikes in peanut and sesame seeds raised the peanut oil price to K15,000 per viss and the sesame oil price to K10,000 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, Myanmar’s 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 will resume 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