Monsoon onions from Myittha area likely to fetch good price

Monsoon onions that will be produced from the Myittha area are expected to enter the market early with a good price, according to the market forecast.
In December 2021, fresh monsoon onions from Myittha were priced at K950-1,150 per viss, while those from Myingyan fetched K800-1,000 per viss. The prices of summer onions were at a low level so the late entry of monsoon onions was witnessed in the markets then.
In early October 2022, heavy rain in the Monywa area negatively affected onion cultivation acres. The loss of onion is estimated at 20 baskets of onion crop, Ko Myint, an onion seller, told the Global New Light of Myanmar (GNLM).
However, onion cultivation in Myittha and Kyaukse areas did not face any damage as monsoon onions were grown there earlier than usual. Those onions are likely to enter the market earlier. The price rise is expected for those onions which are not affected by rain in Monywa.
The wholesale price of onions surged to K3,850 per viss on 2 September amid the news of low stocks and high demand. Some traders speculating on a further rise sparked the consumers’ concerns.
Nonetheless, the Yangon market sees regular supply. Additionally, foreign onions flowed into the market at a cheaper rate in September. The market sees only demand from Yangon residents. Buying onions for the border market are not seen in Yangon markets in recent days. Onion-producing regions primarily send the onions to the Yangon market although there is a demand from the border market there.
The prices of onions were down by K500-600 per viss in Yangon markets. On 7 October, the wholesale prices stood at K2,600-2,850 per viss for Seikphyu’s onion and K2,800-3,250 for Monywa’s onions.
Approximately 90,000 visses of onions from various regions on 30 October and 48,000 onions on 1 October entered the Yangon market. Between 3 and 7 October, 750,000 visses of onions were supplied to Yangon markets, according to market data.
Normally, monsoon onions start to enter the market in December. This year, they are cultivated in late H2 of 2022, earlier than usual.
The wholesale price of monsoon onions was around K1,000 per viss in 2020 and 2021. This year, a one-time increase in price on average is expected, some traders forecast. — TWA/GNLM

Share this post
Hot News
Hot News