The weak demand of oil millers influenced the prices of peanut amid the lack of foreign demand, as per the Mandalay market’s report.
On 1 September 2022, the peanut prices moved in the range between K6,800 and K7,200 per viss depending on varieties, whereas the prices declined to K4,700-K5,750 per viss at the present time. The figures reflected a sharp decrease of K1,000-K2,000 per viss over the past two months.
Consequently, peanut oil price decreased to K12,000 per viss in the Mandalay market. Last early September, the peanut price peaked at K15,000 per viss in the markets.
Newly harvested peanuts from Shan State, Sagaing, Wetlet, Aunglan and Myinmu areas are flowing into the Mandalay market.
Last April, 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 domestic shortage. Consequently, Trade Department under the Ministry of Commerce temporarily suspended exports of oil crops (peanut and sesame) from 9 May this year in order 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.—NN/ GNLM