Newly harvested monsoon onions enter markets at K2,500 per viss

Following the summer old onion supply of 10,000 viss to Pakokku Commodity Centre on 30 October 2022, the price hit K3,600 per viss. At present, newly harvested monsoon onions are entering the markets at K2,500 per viss, according to that centre.
The volume of onion inflow to Bayintnaung Wholesale Market was priced at around K60,000 per viss on 29 October. The wholesale prices were K3,000-K3,900 per viss of onions from Seikphyu area, K3,200-K4,100 from Monywa, K3,100-K3,900 from Myingyan and K2,700-K3,400 from Taungtha respectively.
The Bayintnaung Wholesale market is open for 24 days in November and after that, there will be market competition between the summer onions and the newly harvested monsoon onions.
In October, 2.8 million visses of onions were supplied to the market in October (25 market opening days). In November, the demand from the border market is estimated at 3 million visses while the local consumption, at 2 million and the addition to the consumption and decayed onions, at K2 million. That begins so, there is less chance for the price increase.
Additionally, regardless of the onions affected by the rain, the harvest time in Vietnam, Thailand and Bangladesh will also come earlier as usual. So, the demand from border areas in November will decline. The prevailing price of onions is K3,500 per viss in the wholesale market, whereas it fetched only K2,000 per viss in Bangladesh. As a result of this, the record price in mid-2019 caused by Bangladesh’s demand is improbable, said a warehouse operator.
The consumers reduce the consumption of onions when the price climbs. The Yangon market sees only regular demand from the border area. With the monsoon onions flooding the market, there is less chance for the price to go up as some traders who keep the stocks in hands expected, the GNLM quoted a market observer, as saying.—TWA/GNLM