The Urad (FAQ) price has reached over MMK1.3 million per ton while there is a low supply at farmers and wholesales. Despite the price hike, there are only a few activities in the market, according to the Ayar Trading Center (ATC).
The Urad price has increased by MMK 2 lakhs over a month reaching MMK1.321 million on August 18 compared to MMK1.105 million on July 1.
The price hike was driven by the higher dollar rate against Myanmar Kyat while demands by the bean mills from India remained strong. And the bean prices are expected to continue to rise as the festival seasons in India are going to resume in September.
Meanwhile, India’s bean productions this year are forecasted to be a little more than that of last year despite lower growing acres and some acres being destroyed by the weather.
Therefore, ATC cautions that the Indian government might adopt measures to control prices by imposing new policies.