Corn prices in steep decline

Corn prices are in sharp fall owing to abundant fresh sup­ply, export halt to Thailand and weak demand by China.


The FOB prices are US$270-290 per tonne of corn at present. The corn prices stand at K1,130-1,150 per viss in the domestic market, according to the Yangon Region Chamber of Commerce and Industry (Bay­intnaung Commodity Centre).


Myanmar delivers corn to China and Thailand through the border and also ships corn to China, India, Vietnam and the Philippines via maritime trade at present, according to the Myanmar Corn Indus­trial Association.


Thailand nodded corn im­ports under zero tariff (with Form-D), between 1 Febru­ary and 31 August. However, Thailand imposes a maximum tax rate of 73 per cent on corn imports to protect the rights of their growers if the corn is im­ported during the corn season of Thailand.


China has been purchas­ing Myanmar’s corn through cross-border trade under the opium substitution program. Legitimate corn trade between Myanmar and China com­menced at the end of 2022. A to­tal of 112 Myanmar companies have been permitted for corn exports. This being so, Myan­mar will export 60,000 tonnes of corn that are produced as an alternate crop replacing opi­um poppies in Shan State in October 2023, the association stated.


Myanmar exported more than two million tonnes of corn in the 2022 corn season. The majority of them were sent to Thailand and the remaining went to China, India, the Phil­ippines and Viet Nam.


More than two million tonnes of corn are expected to be shipped to foreign trade partners in the 2023 corn sea­son, said U Min Khaing, chair of the Myanmar Corn Indus­trial Association.


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 produc­es 2.5-3 million tonnes of corn every year. — NN/EM