Private lenders to loan K500,000 per acre to corn growers: MCIA

A delegation of the corn growers holds a series of discussions with the private lenders to receive a K500,000 agricultural loan for the winter corn season, said U Min Khaing, chair of the Myanmar Corn Industrial Association (MCIA).
“The representatives of the respective growers’ group and the financing companies are talking about the agricultural loan of K500,000 per acre,” he added.
Winter corn season constitutes 30 per cent of overall production in the country. The input cost has doubled this year compared with the previous years’ cost, stated the corn association.
Last year, the price of Pearl fertilizer was only K26,500 per 50-kg bag. At present, the price soars to a record high of K65,000 per bag.
As a result of this, the government subsidy or loan assistance is also required for the corn growers in the winter growing season, the association expected.
The prices of corn move in the range of K690-710 per viss (a viss equals 1.6 kg), while a FOB price of corn is estimated at US$240-260 per tonne.
Myanmar conveyed 2.3 million tonnes of corn in the previous financial year 2020-2021, according to the association. Of them, the majority were delivered to Thailand and the remaining were shipped to China, India and Viet Nam.
Myanmar exported more than 2.2 million tonnes of corns to the foreign market in the FY2019-2020, with an estimated value of $360 million, the Ministry of Commerce’s data showed.
The corn is cultivated in Shan, Kachin, Kayah and Kayin states and Mandalay, Sagaing and Magway regions. Myanmar has three corn seasons- winter, summer and monsoon. The country yearly produces 2.5-3 million tonnes of corn. — NN/GNLM