The price of black bean plunged by K40,000 per tonne on the back of weak demand by India, said U Min Ko Oo, secretary of Myanmar Pulses, Beans and Sesame Seeds Merchants Association (MPBSSMA).
The black bean touched a high of K1,152,500 per tonne in October-end. The price fell to about K1,100,000 per tonne on 5 November, Bayintnaung market’s data showed.
The low demand from India contributed to the drop in price, he confirmed.
“The price usually rises when India’s demand is high, and the bean is loaded on the ships. In recent days, the cargo loading is barely found. Consequently, the market is going weak.
“Additionally, the price is cool in India’s market as well,” he explained. Myanmar has a stock of below 100,000 tonnes of black bean, and about 30,000 tonnes of pigeon peas are left in warehouses, the association stated.
On 1 October, India issued a notification to purchase 150,000 tonnes of black beans instead, and the import deadline is March 2021. The licence will be equally granted for India’s companies.
Although Myanmar does not have adequate stock, for now, it can reach the quota of 150,000 tonnes, along with the beans which will be harvested next season, the MPBSSMA secretary maintained.
On 22 May, India rapidly changed the import period of black bean (400,000 tonnes) to three months by August-end 2020 from the earlier set deadline of March 2021, prompting Myanmar’s bean body to call for an extension of the deadline, as per its official notice.
Although the bean body asked to extend the August-end deadline, India still has not responded to the request. Myanmar exported only 100,000 tonnes of black beans then, the association stated.
Since 2017, India has been setting import quota on beans, including black bean and pigeon peas.
Therefore, the growers face difficulties to export their beans to India market.
Myanmar has to export black bean and pigeon peas under a quota system and limit period.
Consequently, there is no guarantee that we could get the prevailing market price next year; the market observers shared their opinions.
Following the uncertainty in markets of black bean and pigeon peas, the association suggested, in October-end, that the growers cultivate black-eyed bean more.
(Translated by Ei Myat Mon)
