Mandalay market sees price spike in rice bean

Rice bean trade is a roar these days in in Mandalay market and the prices hit record high, traders from Mandalay market said.
At present, rice beans are flowing from Madaya, Singu, Monywa and Pakokku townships. The price stood at only K89,000 per three-basket bag in January during the beginning of the harvest season. The price tremendously surged to K150,000 per bag for now. The market sees bustling sales, said U Soe Win Myint, an owner of Soe Win Myint Commodity Depot in Mandalay Region.
“The price hits a fresh new peak. Between January and April 2022, India’s traders purchased them. Then, the trade came to a halt. In early May, the prices rose again on the back of China’s demand. Some restrictions at the cross-border posts between Myanmar and China have lifted so trading became alive. Rice bean is rarely demanded in domestic market. It primarily goes to external market. The two neighbouring countries are buying them. The price is expected to remain upward trend,” he elaborated.
Rice bean is commonly grown in Mandalay, Magway and Sagaing regions. Cultivation is more successful on alluvial soil along Ayeyawady and Chindwin Rivers.
It can be grown once per year, during October-November period. The harvest season starts in January. It is cost-effective and high-yielding crop.—Min Htet Aung (Mandalay sub-printing house)/GNLM