Corn prices gradually up reaching K1,200 per viss

IMG 1 sskm
The country produces corn once every four months like winter corn, summer corn and monsoon corn. The country produces 2.5-3 million tonnes of corn every year.

The prices of corn have soared gradually reaching about K1,200 per viss, according to the corn market.
The price is on the rise again as the demand for exporters is high, it is learnt. Currently, the country exports corn to China, the Philippines and Viet Nam, according to Myanmar Corn Industrial Association.
China purchases corn with the poppy substitution programme via land borders and it started official procurement between China and Myanmar beginning at the end of this year. It also permitted 112 corn export companies and some companies to start the export processes.
The Thai government, the main purchaser via land borders, also permits tax exemption Form-D between 1 February and 31 August yearly. They also imposed a maximum tax rate of 73 per cent on corn import to protect the rights of their growers if the corn is imported during the corn season in Thailand.
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 cross currency swap in border transactions like the dollar payment method practised in trade by sea, according to the directive released on 30 June. The export incomes from corn exports are made in dollars at the fixed reference rate of the Central Bank of Myanmar.
Currently, the reference rate of CBM is K2,100 per dollar and about K2,900 per dollar in the market.
The large gap between reference prices and market prices makes it difficult for merchants.
According to the decision made at the FESC meeting (66/2022), “if it is difficult to make payment for exports via border areas like oil crops (peanut, sesame) including corn, beans and pulses (black gram, mung bean, pigeon pea, chickpea), rubber, marine products, fish (prawn, crab, eel), animals and animal products (live cattle, goat, buffalo skin, cow skin, goat skin, frozen and dried meat) in dollars, it shall make in Yuan or Bath and the 65 per cent of export incomes will be calculated in dollars and must change into Myanmar kyat at the fixed prices of CBM within one working day and the exporters can use the remaining 35 per cent for themselves, transfer to other or sell to AD banks,” the CBM announced on 18 November. All must follow the instruction starting 21 November.
Therefore, it needs to watch the corn export status, said the merchants.
The country exported about 2.3 million tonnes of corn in 2020-2023 and most of the corn was shipped to Thailand followed by the Philippines, India, Viet Nam and China, according to the Myanmar Corn Industrial Association.
At present, corn is cultivated in Shan, Kachin, Kayah and Kayin states and Mandalay, Sagaing and Magway regions. The country produces corn once every four months like winter corn, summer corn and monsoon corn. The country produces 2.5-3 million tonnes of corn every year. — NN/GNLM

Share this post
Hot News
Hot News
Organizations from armed struggle line must seek the best solution for ensuring durable peace and stability of the nation through dialogues via NCA
MoI, Indian govt ink pact for Sarsobeikman building project
SAC Secretary attends Mon State Day exhibition, observes Mon traditional entertainment
MoHT Union Minister receives delegation led by Thai firm CEO
MoI Union Minister chairs meeting on formation of Myanmar digital media association
Myanmar, Russia discuss media sector cooperation to strengthen bilateral ties
ASEAN initiates measures to protect children from harmful foods, beverages
2024 matriculation examination continues for social science subject
MoNREC authorizes essential mineral production for cement manufacturing
Seafarers, migrant workers required to pay taxes at CBM rates