Bean prices up on Indian demand
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.