Black bean, pigeon pea prices hike by K500,000 per tonne each within 5 months

On 6 August, the black bean FAQ/RC was priced at K1,780,000 per tonne in the Yangon market while K2,050,000 per tonne of SQ/RC and K17,85,000 per tonne of pigeon pea. The price of mung bean (Pakokku) was K2,580-K2,750 per viss, mung bean (Kayan Shwewah) at K2,750-K2,835 and chickpea at K3,500-K3,600.
On 5 August, the black bean FAQ/RC was priced at K1,667,500 per tonne while K1,932,500 per tonne of SQ/RC and K1,612,500 per tonne of pigeon pea. The price of mung bean (Pakokku) was K2,850-K2,670 per viss, mung bean (Kayan Shwewah) at K2,665-K2,750 and chickpea at K2,450-K3,550. One day later, the black bean is priced at K112,500 per tonne and K172,500 per tonne of pigeon pea in the Yangon market.
The Central Bank of Myanmar has increased its reference currency exchange rate from K1,850 per dollar to K2,100 per dollar and announced to change the 65 per cent of export incomes into Myanmar kyats. Therefore, the export bean prices are likely to become high, said bean market analysts.
On 7 February, the RC black bean was priced at K1,218,000 per tonne, RC pigeon pea at K1,306,000 per tonne. After five months, the RC black bean rose by K562,000 per tonne and RC pigeon pea by K470,000 per tonne.
On that day, the export FOB bean prices were $630-$650 per tonne of FAQ black bean, $690-$710 per tonne of FAQ pigeon pea and on 6 August, it was $870-$890 per tonne of FAQ black bean and $850-$870 per tonne of FAQ pigeon pea, according to daily data.
Therefore, the export FAQ black bean price rose by $240 and AFQ pigeon pea by $160 within five months. The country exported 1.75 million tonnes of beans and pulses worth $1324.27 million in one year. In the first four months of the 2022-2023FY, the country exported 558,700.276 tonnes of beans and pulses worth $426 million.
The bean prices are high this year and the foreign income from bean export will be higher than in previous years. Moreover, the black bean and pigeon pea prices of 6 August are K500,000 per tonne more than the same period of last year.
On 2 October 2021, the black bean was priced at K1,875,000 per tonne and it cannot be known exactly whether the prices in 2022 will be higher. In 2021, the pigeon pea price was below K1.6 million per tonne. — TWA/GNLM