Pigeon pea price skyrockets to nearly K2 mln per tonne

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Traders observing the pulses on display at Mandalay commodity market.

Prices of pigeon pea are in the upward trend. It hit nearly K2 million per tonne on 13 August 2022, said Ko Thet Tun, a bean trader involved in Bayintnaung Wholesale Centre.
On 13 August 2022, the prices of pigeon pea (red gram) RC stood at K1,957,500 per tonne, while the prices of black gram were estimated at K1,850,000 per tonne of FAQ/RC (Fair Average Quality) and K2,155,000 per tonne of SQ/RC (Special Quality). Pigeon pea was priced only at K1,612,500 per tonne on 5 August, indicating a sharp increase of K345,000 per tonne within seven days. It comes close to K2 million, Ko Thet Tun elaborated on soaring pigeon pea prices. The pigeon pea was worth only K1,190,000 per tonne in the corresponding period last year. Moreover, it fetched just K800,000 per tonne on 13 August 2020.
When newly harvested fresh pigeon peas entered the markets in early 2022, the price tumbled under K1.3 million in the first week of January. Shortly thereafter, the prices stayed at approximately K1.3 million.
It gradually rose to over K1.4 million per tonne between the second week of March and the last week of April. After that, the price slipped to under K1.4 million during April-mid-June period. The pigeon pea prices moved in the range between K1.4 million and K1.5 million as of end-July.
The figures showed a rise of K200,000 per tonne of pigeon peas in the past seven months (Jan-July) 2022. However, pigeon pea prices shot up between 28 July and 13 August. The price tremendously went up to K1,967,500 per tonne from K1,485,000 per tonne. There is a wide gap of K482,500 per tonne within 14 days.
A market observer called Ko San pointed out extreme price volatility in the past seven days as the inflation rate is more than twice the rate recorded during the January-July period.
Those traders who keep pigeon peas stock in hands are making a handsome profit these days rather than black gram traders, said Ko Soe, black gram trader from Kyaunggon Township.
Traders are closely observing the Yangon pulses market which has faced a bumpy ride in recent days. It has been about a decade that transactions are made without the need for pluses on display at Yangon’s commodity exchange, said Ko Tun Myat Oo, a trader. —TWA/GNLM

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