Thursday, 17 July 2014

Selling without stock disrupts beans market

After the Myanmar New Year Festival in mid-April, bean prices have been on the rise because selling beans without having stock in hand disrupted the market, according to sources from Bayintnaung Wholesale Centre.

"One tonne of mung beans (RC) costs Ks 780,000 (US$780) and that of pigeon peas Ks 640,000 ($640). Since Thingyan (New Year Festival), bean prices have been rising. Currently, bean prices are stable at a high level. Around Thingyan, mung bean price was just about Ks 560,000 ($560) per tonne. It has been increasing slowly and it is now over Ks 700,000," said Dr Myint Oo from Bayintnaung Wholesale Centre.

Rising bean price is partly because of high demand from India and small reserve of beans in the country.

"Mung beans and pigeon peas didn't get good price for 3 to 4 years. So, farming those beans reduced. Many farmers switched to growing green gram. Therefore, such bean prices rise," said a bean trader.

"Bean prices have increased compared to last week. Now, a tonne of mung beans is Ks 782,000 ($782), and pigeon beans Ks 642,000 ($642). Last week, it was Ks 770,000 (&770) for mung beans and Ks 635,000 ($635) for pigeon peas," said Min Ko Oo, secretary of Myanmar beans and sesame traders association.

"The reserve of beans is small this year. There are only 150,000 tonnes of mung beans left. For pigeon peas, only 75,000 tonnes are left," he added.

In fiscal year 2013-14, Myanmar's agricultural exports earned a total of $2.66 million. Bean exports accounted for $957 million. Among them, mung bean exports earned a total of $376 million.

source: Eleven Myanmar
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