Corn prices tumbling due to lack of foreign demand

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Systematic storage of corns seen at a residence not to lose quality of fruits.

The corn market is slow-moving and the prices are falling owing to the lack of foreign demand, according to the Mandalay Commodity Centre.
The prices of corn are on a gradual decline and corn fetched K1,000 per viss on 8 September.
Additionally, the market sees supply of newly harvested corn from Nawnghkio in northern Shan State, Yaksawk, Banbway, Madaya and Singu areas. Animal feed pellet factories are buying the corn at present.
Thailand gives green light to corn imports under zero tariff (with Form-D), between 1 February and 31 August. However, Thailand imposed the 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 tax exemption period of corn has expired.
Out of the companies that have submitted the Express of Interests, 86 have been forwarded to the General Administration of Customs of the People’s Republic of China (GACC) to seek permits for legitimate corn exports to China. Those companies are left to receive registration code at the final stage, said U Aye Chan Aung, chair of Myanmar Corn Industrial Association.
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.—NN/GNLM

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