Bean prices up on In­dian de­mand

The Myanmar Times - - Business - MYAT NOE OO my­at­noeoo@mm­times.com

IN­DIAN de­mand for Myan­mar mung beans has caused prices to jump by more than 10 per­cent over the past three days, while prices for other beans have also risen, ex­porters said.

The price of matpe has risen from K1.57 mil­lion per tonne to K1.74 mil­lion per tonne since the end of last week, said ex­porter U Min Ko Oo.

He did not know why de­mand from In­dia, Myan­mar’s largest ex­port mar­ket for beans and pulses, had sud­denly surged.

“In July, de­mand was low and prices were sta­ble,” he said. “I do not know why it is sud­denly so strong – the news would sug­gest that In­dian bean farms are do­ing well and I have not heard any­thing about farm­ing prob­lems [in In­dia].”

The price jump is not linked to flood­ing in Myan­mar, either, he said. “Flood­ing has made things dif­fi­cult for farm­ers, but have not im­pacted the beans sec­tor, be­cause we don’t farm beans un­til Septem­ber.”

Myan­mar mer­chants have around 160,000 tonnes of mung beans in stock, he said.

The price of other beans has risen mod­er­ately. U Myat Soe, cen­tral ex­ec­u­tive com­mit­tee mem­ber of the Myan­mar Pulses, Beans and Sesame Seeds Mer­chants As­so­ci­a­tion, said ex­ports to In­dia were so strong in June that de­mand slumped in July.

Now In­dian buy­ers need to re­plen­ish their stock, he said, and prices have risen ac­cord­ingly.

“Bean prices are up be­cause of [higher] de­mand, not be­cause of the flood­ing,” he said.

The most pop­u­lar beans among In­dian traders are black matpe, green mung and chick­peas, he said. Most beans are grown in Bago, Yangon, Man­dalay, Aye­yarwady and Sa­gaing re­gions from November to Fe­bru­ary.

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