While import prices for palm oil unexpectedly increased in late June 2023 in response to changes in the local foreign exchange market, export prices for rice and pulses are both significantly declining.
Commodity Pricing
In the market in Yangon in Myanmar, the cost of low-grade rice had declined by K2,000 per bag. Some consumers are worried about potential price increases in the middle of 2023.
Pigeon pea prices are also going down. On June 28, the per tonne prices for black gram (FAQ/RC), black gram (SQ/RC), and pigeon pea (red gram) fell to K2.185 million, K2.42 million, and K2.9 million, respectively. Within the month of June, the prices for black gram and pigeon pea both showed a sharp decline of over K300,000 and K400,000 per tonne, respectively.
On June 28, the wholesale cost of palm oil increased to K7,900 per viss. On June 27, the price of palm oil on the world market was US$860 per tonne. Despite a drop in global prices, the situation on the local forex market increased the price of palm oil. On June 28, the wholesale prices in Meiktila market reached a high of K8,200 per viss.
These days, the wholesale cost of palm oil has increased by K1,000 per viss. The traders are keeping a close eye on the market in order to store the oil in case they suffer a loss.
Rice Stock
The remaining stock and rice security can be assessed prior to the supply of new monsoon rice in September as the concerned authorities gather information on the storage conditions of rice warehouses to estimate the volume of rice stock in the domestic market. This action aims to stop price increases for benefits rather than a fair price.
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