Merchants sell stocked beans to India to meet its purchase target

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Most variety beans exporting merchants are selling the beans, which were bought at high prices and stocked in the warehouses, to India that will buy 400,000 tonnes of pigeon peas, said General Secretary U Zaw Moe of the Monywa Commodity Depot.
“Now, the price of pigeon peas is rising in the market because India has set up the import quota of pigeon peas and black beans for Myanmar. The price of pigeon peas rose by K3,000 or K4,000 per basket. The market price of pigeon peas is K30,300 per viss. The retail shops are selling a viss of the pea for K30,300. The price is rising as India set up the import quota for Myanmar. Recently, the bean bags are being loaded onto the ship at Yangon jetty,” he added.
Now, Monywa town is sending around 3,000 bags of bean daily to Yangon via land route. The pigeon pea bags in Yangon are also selling well.
“India highly demanded the black beans and pigeon peas from Myanmar. We can also sell those beans as long as India demands,” said U Tin Ko Ko, the officer in charge of the Monywa Commodity Depot. The exported pigeon peas to India are harvested in 2020 as well as those which were harvested in 2018 and 2019. The local merchants are selling them, which are stocked in their warehouses.
“Most of the traders are selling the beans which were stocked in their warehouses. Some are still waiting expecting the extended deadline of India. I think, 75 per cent of the merchants are selling their stocked beans,” said the general secretary of the Monywa Commodity Depot. There are around 70,000 or 100,000 bags of pigeon peas in Sagaing Region. Twenty bags of pigeon peas weigh one tonne. —Myo Win Tun (Monywa) (Translated by Hay Mar)

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