The price of soybeans has increased to Ks850,000 per ton in the Muse 105-mile trade zone due to lower supply, according to Muse traders.
“Soybean enters the market on alternate days. On some days, around 4,000 tons of soybeans enter the market, a decline compared with the same period last year. The sales in the soybean market have also cooled down. Recently, China restricted some soybean imports from other developed countries,” said U Sai Thein Lin, a soybean trader from Taunggyi-Muse.
Currently, 16 tons of soybeans from Shan State enter the Muse trade market per day. The lowest price of soybeans is Ks740,000 (3,500 yuan), while the highest price is Ks850,000 (4,000 yuan), which is a slight increase this year compared with the same period last year. Although the price of soybeans has slightly increased, the supply has declined in the local market.
“Myanmar soybean is mainly imported by China, the EU, Mexico, Japan, Thailand, Egypt and Indonesia. Last year, the price of soybeans was Ks978 per viss (3.6lb). But this year, the price of soybeans is Ks2,000 per viss. China uses soybeans not only as a vegetable oil but also as soaps, pesticides, house paint, printing ink and for use in medicine production,” said U Khine Lat, market manager of Mandalay- Muse soya-bean merchant group.
There are three varieties of soybeans in Myanmar. Shan State cultivates soybeans during the monsoon season and harvests them in August and September. Then, local people from Shan State cultivate other crops such as sunflowers, winter potatoes, garlic, onions and wheat.
Zar Lin Thu (AMIA)