The price of mung beans fell by as much as Ks 60,000 per tonne since the end of January, although there have been no changes in the Indian pea and bean market.
“Today, one tonne of mung beans costs about Ks 800,000 in the local market. I think this is because the harvesting period for both Myanmar and India is approaching. Merchants are still watching the market instead of buying and selling. March and April are the main times for harvesting. So it is still early to analyse the market. Mung beans harvested in 2014 seem to have sold out. Indian buyers are watching the market for the 2015 crops. I think the price could drop for some time, but it will be up again when the right time comes,” said merchant Min Ko Oo.
The price of mung beans, also known as green gram, was Ks 925,000 per tonne for special quality (SQ) and Ks 856,000 per tonne for fair average quality (FAQ) as of January 30. By February 6, the price had fallen to Ks 875,000 per tonne for SQ and about Ks 800,000 per tonne for FAQ, according to Bayintnaung Wholesale Centre.
Thein Naing, a farmer, said he is worried about decline bean prices, and he believes they will go up again in May.