Foreign demand, Kyat depreciation drive corn price up to over K1,000 per viss

LOCAL NEWS

The price of corn soared to over K1,000 per viss (a viss equals 1.6 kilogrammes), according to the Yangon Region Chambers of Commerce and Industry (Bayintnaung).
The rise in corn prices is attributed to the steady foreign demand and Kyat weakening against the US dollar in the local forex market.
At present, the corn FOB price stands at US$310-330 per tonne.
The corns fetch approximately K1,010-1,030 per viss depending on the corn quality.
Thailand gives green light to corn imports through Mae Sot under zero tariff (with Form-D), between 1 February and 31 August.
Thailand has granted tax exemption on corn imports between February and August. However, Thailand 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 of Thailand.
From 1 February 2022, more than 100 trucks carrying corns have been conveyed to Thailand.
The corn traders have a full inventory in the warehouses in Myawady border city, Chairman U Min Khaing of the Myanmar Corn Industrial Association said.
Myanmar is targeted to deliver 1.5 million tonnes of corn to Thailand in the current 2021-2022 corn season.
Last 2020-2021 financial year, the country shipped more than 1.7 million tonnes of corns to Thailand, U Min Khaing continued.
Myanmar exported 2.3 million tonnes of corns to foreign trade partners in the previous FY. 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. Myanmar has three corn seasons — winter, summer and monsoon. The country yearly produces 2.5-3 million tonnes of corn. —NN/GNLM

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