Heirloom bean price doubles on strong domestic, foreign demand

The price of heirloom beans has risen twice on the back of strong domestic and foreign demand on recent days, Mandalay bean traders said.
Earlier, the market of those beans was cool in the early outbreak of COVID-19. On recent days, the market raises its head again on account of China’s strong demand on butter bean and heirloom bean, added Mandalay traders.
During the early harvest time in March 2021, the opening price of the heirloom bean is K55,000 per three-basket bag. Chinese market’s demand raised the price to double, and the beans are highly traded at K110,000 per bag, the Soe Win Myint warehouse reported.
“The heirloom bean started penetrating the Chinese market in five years ago. It has grasped a firm market share. It can be easily cultivated and they yield splendid in alluvial soil. As the bean is a lucrative crop, the residents considered, and called it luck. Both the growers and the traders will receive a handsome profit with the price double this year. Therefore, I suggest that the growers expand the sowing acreage next year,” an owner of the Soe Win Myint warehouse said.
That cold season crop has an export market potential and it is commonly found in Ayeyawady and Chindwin delta regions; Pakokku, Yesagyo, Monywa, Myingyan, NyaungU and Sinbyukyun townships. They are usually harvested in early March, he continued.
At present, the rice beans, which are shipped to India, is also actively traded. The prices of rice beans also climbed up from K65,000 in early March to K100,000 per three-basket bag in early September. It is the five-year record high.
The rice beans are primarily cultivated in Sagaing, Magway and Mandalay. Pakokku, Myitchay and Madaya. – Min Htet Aung (Mandalay Sub-Printing House)/GNLM