Monsoon onions enter markets, yet onion prices still strengthen

Approximately 100,000 visses of newly harvested monsoon onions from various regions flowed into the Yangon market on 1 November 2022 yet the prices are still on the rise.
On 1 November 2022, the prices of onions stood at K3,100-4,100 per viss and these came from the Seikphyu area, and K3,600-4,400 per viss of onions from the Myingyan area.
Only a small number of onion sacks entered the Myingyan commodity centre and the prices of onion were K2,500 and K2,800 per viss.
Meanwhile, the price of old summer onions hit the highest of K3,700 per viss, according to the Myingyan commodity centre.
On 1 November, the maximum prices of onions were K3,800 per viss at Pakokku Commodity Centre and K3,700 per viss at Seikphyu Commodity Centre.
On 29 October 2022, new monsoon onions are gradually flowing into Pakokku Commodity Depot at K2,500 per viss.
The high price of onions has prompted the growers to begin monsoon onions earlier than usual from mid-2022. Despite some onion plantations being affected by the heavy rain, the supply of onions is one month earlier than the previous years.
As the onions contain moisture content, they cannot be sent to remote areas. When they are dried well, they will flood the Yangon market for sure, U San Myaing, an onion grower, told the Global New Light of Myanmar (GNLM).
In the first ten days of November, the weather office forecasted small rainfalls in the onion-producing regions. The prices of summer onions peaked at over K4,000 per viss so the monsoon onions are expected to be harvested soon to enter the market in time.
Despite the price hikes, the consumers’ demand does not exceed the supply.
The markets do not see big purchases and panic buying. Those dealers who keep the onion stocks in hand might face losses when the monsoon onions flood the market.
As the winter season begins, the summer old onions might sprout.
The stocks of old onions are estimated at 10 million visses in the markets before the large supply of monsoon onions, Daw Hla Myint, a dealer from regions outside Yangon, told the GNLM.
However, those old onions might be delivered to border markets in end-2022. The current market prices may vary the price offered by the border market according to the onion inventory.
Additionally, regardless of the onions affected by the rain, the harvest time in Viet Nam, Thailand and Bangladesh will also come earlier than usual. So, the demand from border areas in November will decline on the back of low demand.
The low demand from border areas, onion demand at the Bayintnaung Wholesale Market and a fresh supply of monsoon onions might drive the prices down at the end of November, the dealers pointed out. – TWA/GNLM