Low demand brings down black bean (which is called urad in India) price to K935,000 per tonne which is a decrease of around K30,000 compared with the price in the previous week.
During the post-Thingyan period in April, the black bean was priced K995,000 to K1 million per tonne. Thereafter, it dropped to K960,000-965,000 per tonne in the third week of May.
The traders are closely observing the market with the changes in India’s policy on bean importation.
Earlier, India set to import 400,000 tonnes of black bean for the next fiscal year by March 2021. It changed policy and narrowed the import deadline to three-month period, according to its recent notice.
“The changes of policy reflect on the unguaranteed market for the domestic growers. The sudden change in policy burdens the growers, raising confusion”, Secretary U Min Ko Oo of Myanmar Pulses, Beans and Sesame Seeds Merchants Association pointed out.
At present, the country has around 250,000-300,000 tonnes of black bean stocks. It is unlikely to export the entire quota of 400,000 tonnes to India, he continued.
The supply chain of Myanmar’s beans — the growers and traders are facing hardships due to the short period of rapid change. The market needs to be closely observed.
“The country lays down policy for its national interest. India’s move is possible to protect their farmers as India’s beans will be harvested in September. This is why they shrank the deadline to August-end 2020. If the yield is not good in September, they will surely make an extension for the import period. If not for poor yield, the import period will end as scheduled,” he said. Myanmar is the top producing country of black bean that India demands. Besides Myanmar, other beans such as pigeon peas, green grams and yellow peas, are also grown in Australia and Africa, the association stated. — GNLM (Translated by Ei Myat Mon)