Corn prices bounce back over K1,100 per viss

The price of corn has rebounded to over K1,100 per viss, according to the corn market.
The prevailing price of corn is K1,120 per viss on 1 November in the markets.
The increase in corn price is attributed to the Kyat depreciation against the US dollar and the strong demand by exporters.
Myanmar shipped corn to Viet Nam and the Philippines by sea, according to Myanmar Corn Industrial Association.
A total of 112 companies have been given the go-ahead for maize export and some companies commence exporting, said U Aye Chan Aung, chair of the association.
Thailand gives green light to corn imports under zero tariff (with Form-D), between 1 February and 31 August. However, Thailand imposed a maximum tax rate of 73 per cent on corn imports to protect the rights of their growers if the corn is imported during the corn season of Thailand.
The directive released on 30 June said that transactions for the exports of agricultural products including corn, rice, bean and oil crops are to be made in dollars instead of Yuan-Kyat/Baht-Kyat.
Therefore, the export earnings of the corn have to be exchanged for the US dollar according to the reference rate of the Central Bank of Myanmar (K2,100), making the traders tough financially.
Nonetheless, there is a large gap between the regulated rate and the unofficial rate of the US dollar (over K3,000).
Myanmar exported 2.3 million tonnes of corn to foreign trade partners in the 2020-2021 financial year. The majority of them were sent to Thailand and the remaining went to China, India and Viet Nam.
At present, corn is cultivated in Shan, Kachin, Kayah and Kayin states and Mandalay, Sagaing and Magway regions. The country produces 2.5-3 million tonnes of corn every year. – NN/GNLM