24 July
The Indian millers have requested their government to extend the deadline for black bean import up to March 2021. This being so, there is the possibility of a deadline extension, said traders from pulses and beans market.
The domestic traders are closely observing the market with the changes in India’s policy on bean importation. Now, the growers have already sold out the beans and they are in the hands of traders. They have stockpiled around 120,000-150,000 tonnes of black beans. Some traders are holding the stocks as they expect a high price. The trading is quite cool in the export market.
The prices of the black bean are pegged at around K970,000-980,000 per tonne on 22 July. The price moved above K1 million per tonne in June-end, according to the data of the Bayintnaung market. India’s low demand on pulses and beans has brought down the black bean prices in the domestic market, said an official of Myanmar Pulses, Beans and Sesame Seeds Merchants Association.
Regarding the importation of 400,000 tonnes of black beans for the next fiscal year, India has narrowed the import deadline by August-end. It has also granted import licences to some companies. However, due to the spread of coronavirus and monsoon climate, India’s companies reduced the import volume. “The country lays down policy for its national interest. India’s move is possible to protect their farmers as they will harvest India’s beans in September. That is why they shrank the deadline to August-end 2020. Nevertheless, India is likely to extend import deadline as they experienced some damages to their farms. The market price is usually up when the traders load the beans on ships”, said a trader from Bayintnaung market.
Myanmar is the top producing country of black bean that India demands. Besides Myanmar, Australia and Africa grow other kinds of peas such as pigeon peas, green grams and yellow peas, the association stated.
Ko Khant (Translated by Ei Myat Mon)
