Corn prices stable at K700 per viss

The prices of corn remain unchanged these days, touching around K700 per viss (a viss equals 1.6 kilogrammes), market’s data showed. The exchange rate is correlated with corn price stability. The fixed exchange rate is quite stable at present so the corn price is expected to remain stable, the traders said.
At present, the exchange rate of a US dollar is pegged at around K1,800. The FOB price of corn stood at approximately $250 per tonne.
Myanmar’s corn is shipped to the Philippines, India, Viet Nam, Laos and Singapore via maritime trade, said U Min Khaing, chair of the Myanmar Corn Industrial Association said.
“The price of corn is higher than the rates recorded in the previous years,” he continued.
Myanmar has exported more than 2.3 million tonnes of corn to foreign countries in the financial year 2020-2021, according to the Myanmar Corn Industrial Association. Of 2.3 million tonnes, the majority of corn was delivered to Thailand, whereas the remaining corn was conveyed to China, India and Viet Nam.
During the FY2019-2020 ended 30 September, the country exported 2.2 million tonnes of corns to external markets, with an estimated value of $360 million, the Ministry of Commerce’s data showed. Thailand gives the green light to corn imports through Maesot under the zero tariff (with Form-D), between 1 February and 31 August.
Thailand has granted tax exemption on corn imports between February and August. However, Thailand imposed a maximum tax rate of 73 per cent on corn import to protect the rights of their growers if the corn is imported during the corn season of Thailand. During last FY2019-2020 ended 30 September, the country exported 2.2 million tonnes of corns to the external market, with an estimated value of $360 million, the Ministry of Commerce’s data showed.
Myanmar is the second-largest exporter of corn among regional countries. At present, corn is cultivated in Shan, Kachin, Kayah and Kayin states and Mandalay, Sagaing and Magway regions. Myanmar has three corn seasons — winter, summer and monsoon. The country yearly produces 2.5-3 million tonnes of corn. — NN/GNLM