Newly harvested monsoon onions are likely to keep flowing into the market these days, according to a market report of Myingyan Commodity Centre.
The maximum price of monsoon onion is K2,700 per viss, whereas it is still K1,000 per viss lower than the summer old onion’s price.
Following the entry of monsoon onions to the depots outside the Yangon Region in the post-Tazaungdaing Festival, they are expected to enter the Yangon market as well, some buyers forecast.
The large number of summer onions in the regions outside Yangon are sent to border markets and the Yangon market also receives a supply of 100,000 visses of onions. Monsoon onions will have low moisture content after the Tazaungdaing holidays from 5 to 7 November. Those monsoon onions can be sold at high prices in the Yangon markets, said onion warehouses in Yangon city.
Chinese onions are also found in Yangon markets, with K2,400 per viss. Those Chinese onions that have the same size as the onions from the Myittha area are priced at K3,000 per viss, Ko Aung, a seller explained to the Global New Light of Myanmar (GNLM), saying that he emphasized the morning onion market condition at the Bayintnaung Wholesale Market.
Prior to the Tazaungdaing holidays, the onion price did not increase. The highest price of local onions is K4,300 per viss in the Yangon markets. They fetched the highest of K3,800 per viss in the regions outside Yangon for the border market. The demand was weak at Bayintnaung Wholesale Market on 5 November, Ko Myint, an onion seller involved in a warehouse located on Tama Street, told the GNLM.
As the traders are organizing a Kathina robe donation drive in the pre-Tazaungdaing Festival, the market will return to normal after that. Those dealers who have summer onion stocks in hand will willingly sell them to buyers from border areas. The growers of monsoon onions are also likely to raise the price while the Chinese onions are expected to flood the market at lower prices in the post-Tazaungdaing festival.
Consumers may choose cheaper Chinese onions and newly harvested monsoon onions over expensive summer onions. Those summer onions will sprout with the coolness of winter, so the market will see the price changes of onions by the end of November. The Yangonites are also observing the market conditions.
Those traders who kept the stocks in their ]\hands muttered regarding the entry of Chinese onions in mid-2022 when the onions prices were rocketing. Nevertheless, there is no complaint about Chinese onions at present after their onions were sold out.
The GNLM quoted Ko Aung as saying that new supply will shake up the market for sure.— TWA/GNLM
