July 04, 2022
The upward trend of various beans continued and hit a high record per tonne, according to the beans market.
At the end of June 2022, the prices of exported pulses and red beans increased SQ/RC K1,915,000 per tonne. Red bean RC (produced in 2022) has reached K1,497,500 per tonne, according to the Yangon Pulses Market on 1 July.
Similarly, the export FAQ is US$880-900 per tonne and Standing SQ is $990-1010, while the red bean FAQ costs $755-775.
Similarly, the export price of red bean FAQ increased by $60 per tonne and red bean FAQ by $20 per tonne.
India, which is the primary exporter of Myanmar pulses, did not receive enough rain this year due to the late monsoon.
In case of insufficient rainfall, black gram accounted for 52.1 per cent, red beans for 54.9 per cent, and green peas are expected to fall by 34.1 per cent.
Demand for these three legumes could increase if the cultivation declines. Therefore, in the Yangon market, the price of pulses is expected to rise.
In 2022, Myanmar pulses production will increase by eight per cent to 6.75 million tonnes. The Yangon-based NGO’s estimates put the figure at 7.25 million tonnes, including last year’s balance.
In the Indian pulses market, such as the Yangon pulses market, the prices of pulses usually fall in May, June and July. During these months, domestic demand was weak and summer pulses from the country entered the domestic market.
Pulses prices have been rising in the country from August until November and falling again in December, according to the pulses industry.
In the Yangon bean market, between July and August 2020, the price of red beans was below K1 million per tonne. On 9 October it was K1.2 million and K1,115,000 in November. In December the monthly high price was just under K1 million, according to the 2020 bean price index.
Between June and July 2021, it was around K1.1 million per tonne of RC, K1340,000 on 23 August, K2 million on 29 September, and K1850,000 on 1 October. It was K1,435,000 on 27 November and K1425,000 on 1 December, respectively.
Pulses prices fell to a record high more than halfway through the second half of August 2017 due to a seven-month ban on pulses exports to India.
After mid-2015, demand for pulses from India increased and prices in the Yangon market rose to a record high, according to pulses trader Ko Naing.
In mid-September of that year, the price of a tonne of RC was over K1.4 million, and a month later, in mid-October, the price of a tonne of SQ/RC was over K2.6 million.
Therefore, depending on the long-term market situation of Yangon pulses in recent years, the price of RC pulses at K1.7 million per tonne on 30 June 2022. Depending on the situation in Myanmar and India, it is expected to rise further in the next five months.
U San Myaing, a pulses trader who studies the pulses market, said that only those who buy pulses would benefit from higher prices, while those who grow pulses would be encouraged to grow pulses. — TWA/GNLM