Pigeon pea prices shot up to over K1.2 million per tonne within five months

One tonne of pigeon pea was valued at K1,755,000 at the Yangon market on 2 January 2023, and it has risen to K3,050,000 around five months later, on 3 June. Within these five months, the price increased by K1,295,000 per tonne.
According to the price records, a tonne of pigeon peas was traded at K345,000 on 1 January 2009, and around nine years later, the price stood at its lowest at K306,000 on 25 October 2017.
Just as the price of domestic pigeon peas rose sharply, the price of a tonne of FOB beans and pulses for export also rose to US$1,120–$1,140 on 2 June 2023.
Pigeon pea is cultivated in Myanmar around May, especially in the central regions of the country. During the second week of May this year, the soil become moistening due to stormy rain. After the cultivation in June, new pigeon pea species may start arriving in the domestic market by the end of the year.
In India, which mainly consumes black gram and pigeon peas, the production of these beans is low and not enough for domestic consumption. It is known that there are some restrictions on the storage and sale of these beans and pulses in order to prevent their prices from rising domestically.
The price of the half of chickpea consumed in Myanmar also drastically soared up to K5,500–K5,650 per viss on 3 June. Months later, after new domestic beans and pulses are released, bean prices rise, and only the hoarders benefit more than the growers.
Myanmar reportedly exported 1.94 million tonnes of various beans and pulses worth US$1.4 billion in the 2022–2023 financial year. — TWA/CT