Peanut oil fetching high price in central regions due to low crop yield

Peanut oil fetching high price in central regions due to low crop yield

Image result for Myanmar peanut oilPeanut oil is being sold at a high price in the central regions — Kyaukpadaung and Yenangyoung townships — due to low production of peanut, according to some oil shops and peanut brokers.

Currently, only old peanuts are being sold in the market because the new crop has not been harvested yet. Additionally, peanut oil is also being exported to China, therefore, the price is not likely to fall, said Ko Kyi Khine, a broker. The prevailing market price of peanuts is K 3,000 per viss (1 viss is equivalent to 1.6 kg), while peanut oil is being sold for K 6,600 per viss. The price has remained on the high side, while the supply has been low in the market. Peanuts are mainly cultivated in the central regions of Myanmar. Last year, the price of peanuts had reached K 14,000 per basket, while the wholesale price of peanut oil was in the range of K6,000 per viss.

Last year’s high price encouraged growers to cultivate peanuts this year, said U Tin Yun, a farmer from Yenangyoung Township. A total of 36,093 acres of monsoon peanut is planned to be cultivated during the rainy season in Yenangyoung Township, according to the Township Agriculture Department.

Source: Global New Light of Myanmar 

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