Commodities’ prices plunge in Bayintnaung wholesale centre

The prices of onion, potato and palm oil decline and the mung bean prices become high in the last week of June, according to the Bayintnaung Wholesale Centre.
On 22 June, the Monywa onion price was K1,400-1,700-1,800-1,900 per viss and the Chinese onion entered the market at low prices on 23 June and the local onion prices dropped about K50 and K150 per viss on 24 June.
On 23 June, the Monywa onion price was K1,350-1,700-1,800-1,900 per viss and K1,250-1,600-1,700-1,800 per viss on 24 June. The Seikphyu onion price was K1,200-1,600-1,700-1,800 per viss on 23 June and K1,100-1,450-1,600-1,700 per viss on 24 June.
The Bayintnaung Wholesale Centre received 150,000 viss of onion on 23 June and 180,000 viss of onion on 24 June. The Seikphyu onion entered the market on 24 June and the highest price was only K1,300 per viss. A total of 12,000 visses of onion entered the Seikphyu market and the highest price was K1,450 per viss on 23 June. On 22 June, the Pakokku wholesale centre received over 58,000 viss of onion and the Yaw onion price was K1,600 per viss. on 24 June, it received over 65,000 visses and Yaw onion price was only K1,450 per viss, according to the local source.
The original price of Chinese onion is about K650 per viss and the Indian onion is below K1000 per viss. On 23 June, the Heho potato was priced at K1,400-1,700-1,700-1,700 per viss and K1,400-1,650-1,650-1,650 per viss on 24 June, according to the market.
The prepaid system for palm oil is adapted at the reference price of K5,815 in the Yangon palm oil market until 30 June, said palm oil seller Ko Aung Thu.
Similarly, the foreign crude palm oil price was 4,748 Malaysian Ringgit-MYR and 4,668 MYR per tonne on 22 June.
On 20 June at noon, the price was 5,232 MYR and 500 MYR per tonne. In the Yangon market, the reference price is K5,815 as of 30 June and a person can buy 5 viss at price of K5,950, said Ko Sein Tun who buys oil from Nyaung pinlay market. The oil will be sold prepaid system (when the company’s oil vessel arrives but the time is unknown), according to oil merchants.
As the foreign oil price drastically declines, the local reference price is high. The price to be released on 1 July will be dropped more and so the oil importers sell with the prepaid system, the buyer said. The set reference price is only for instant sales. The prepaid price has not been set yet.
On 23 June, the FAQ/RC mung bean price was K1,607,500 per tonne and K1,622,000 per tonne on 24 June. The price of RC pigeon pea remained unchanged at K1380,000per tonne on 23 and 24 June, according to the Yangon market. —TWA/GNLM