CNI News
12 April 2024
Domestic price of corn is likely to rise a bit in the wake of the Thingyan festival, which traders are reviewing. According to the Thailand's demand of corn, Thailand possibly could purchase Myanmar corn more after the Thingyan period, said corn traders.
Because the price of corn probably could rise in the near future, corn farmers and traders within the country should not sell too much corn in one go so that supply and demand would be balanced and a profitable price would reach, U Thant Zin Tun, vice chairman of the Myanmar Corn Industrial Association, told CNI News.
" Thailand has raised the price of corn gradually since a few days ago. Approximately, the price of corn could go up if the Thai side bought Myanmar corn more in the wake of the Thingyan period. In the situation like this, corn farmers and traders within the country should buy corn little by little at a time so that the price will reach a profitable one that we want." he said.
Although people have guesstimated that the price of corm could rise in the wake of the Thingyan period, it would not be convenient for corn traders to buy corn to store, said traders.
While seeing Myanmar corn
A situation in which it is difficult to estimate up and down of the price of corn has arisen and as one could make a loss if one buy corn in advance to store. So, traders are buying and selling corn at a market price, Ko Sai Kham, a corn trader from Tachileik, told CNI News.
" In the previous years, we had paid brokers' sales centers in advance to buy corn. When the price went up, we carried corn to Tachileik. But now we can't do like that. The price Thailand paid declined. Although we thought that the price would go up, it declined. And then we made a loss. So, we do not dare to buy corn in advance. That's why, we buy corn at the market price and we sell it at the market price. Although it's difficult to predict the ups and downs of the price, it would be better if the price went up." he said.
Traders have been allowed to export corn to Thailand with tax exemption from 1st February to 31st August 2024. The price of corn could go up in July and August, 2024 and there would be ups and downs at intervals before July, said traders.
The expansion of corn cultivation in Thailand has increased this year and it is difficult to export corn because of territorial instabilities. Moreover, traders and farmers are waiting for the time when the price of corn will go up. So, there will probably be a lot of corn left within the country, according to corn traders.
