CNI News
10 Mar 2023
It was reported that prices of corn exported to Thailand under the duty free system dropped by over MMK 100 per viss recently, according to the sources in the market.
The decreasing prices are attributed to drops in corn prices in the international market, the depreciation of Baht and high costs of transportation, corn merchants said.
Previously, corn prices in Yangon stood at MMK 1,300 per viss but the prices are likely to MMK 1,190. Although he expected corn prices would drop by about MMK 100, the prices have dropped more than MMK 100, Vice Chairman U Thant Zin Tun of the Myanmar Corn Industrial Association told the CNK.
Corn farmers.
He said, "Corn prices have dropped by about MMK 100 per viss due to high costs of transportation, depreciation of Baht and decreasing prices of corn in the international market. The price dropped from MMK 1,300 per viss in Yangon and MMK 1,400 per viss in Myawady previously to MMK 1,190 per viss in Yangon at present. I thought the prices would drop by MMK 100 per viss but they have dropped more than MMK 100 per viss. As I said, the prices have dropped due to high costs of transportation, depreciation of Baht and falling price of corn in the international market."
Although corn prices have dropped, farmers will not suffer an impact as they don't have corn in their hands. Even if some farmers still have corn, they will not suffer losses for cultivation costs until prices drop lower than MMK 1,000, Secretary Ko Sai Lwin Oo of the Corn Industrial Association (Shan State-South) told the CNI.
Corn farmers.
He said, "Corn prices have dropped by 10 percent in ten days. At present, farmers have not suffered losses. When they harvested, they got high prices. At present, farmers do not have corn and merchants have stored it. Farmers will not suffer losses as long as the prices drop lower than MMK 1,000 per viss.
At present, corn from Myanmar is exported to Thailand with the exemption of customs duties through border trade and to China, Vietnam, India and more the 70 countries through mercantile trade.
Although corn has been permitted to export to China through the GACC, corn prices in Myanmar is higher than the international prices and is of low quality, exports of corn to Chins have been halted for three months, according to corn merchants.
In 2023, Myanmar will produce 3 million tons of corn and will export 2 million tons, according to the association.
