Black bean price declines by K42,000 per tonne in three weeks

NATIONAL NEWS

Myanmar black bean prices have declined by K42,000 per tonne in three weeks, according to the Yangon Region Chamber of Commerce and Industry (Bayintnaung Commodity Depot).
Although the black bean price on 22 April was K930,000 per tonne, the price fell to about K888,000 per tonne on 8 May, a decrease of K42,000 per tonne in only three weeks, according to the bean market data.
The black bean price keeps its downward trend because India, the primary buyer of Myanmar pluses, controls its bean purchasing volume with their quota system. India’s purchasing system is based on the quota system. The price of beans has increased while the bean is highly demanded when India sets up the quota and issues the bean companies’ licences. The price of beans will plunge while the quota is almost completed. According to Myanmar Pulses, Beans and Sesame Seeds Merchants Association (MPBSSMA), the demand has also declined.
Myanmar yields around 400,000 tonnes of black bean annually, and the bean is primarily exported to India. Similarly, about 50,000 tonnes of pigeon peas are produced yearly and exported to India as well.
Since 2017, India has been setting the import quota on beans, including black beans and pigeon peas. Myanmar has to export black beans and pigeon peas under a quota system and limit period. Consequently, according to market observers, there is no guarantee that we could get the prevailing market price this year.
Following no assurance of black beans and pigeon peas in the market, the association suggested on the end-October 2020 that the local farmers grow the black-eyed beans more. — NN/GNLM

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