EXPORT prices of pulses and rice are significantly falling while the imported palm oil prices jumped surprisingly in late June 2023 amid the changes in the local foreign exchange market.
The prices of low-grade rice were down by K2,000 per bag in the Yangon market. Some consumers have concerns over possible price hikes in mid-2023.
As the authorities concerned are collecting data of rice warehouse storage conditions to estimate the rice stock volume in the domestic market, the remaining stock and rice security can be evaluated before the supply of new monsoon rice in September. This move aims to prevent price hikes for benefits rather than the reasonable price.
d pigeon pea are also declining. The prices dropped to K2.185 million per tonne of black gram (FAQ/RC), K2.42 million per tonne of black gram (SQ/ RC) and K2.9 million per tonne of pigeon pea (red gram) on 28 June. The prices showed a sharp decrease of K300,000 per tonne of black gram and over K400,000 per tonne of pigeon pea within June.
Meanwhile, the wholesale price of palm oil rose to K7,900 per viss on 28 June. The international palm oil price was US$860 per tonne on 27 June. The local forex market circumstance pushed up the palm oil prices despite the decrease in international prices.
The wholesale prices touched a high of K8,200 per viss in Meiktila market on 28 June.
The wholesale price of palm oil was up by K1,000 per viss these days. The traders are closely observing the market to store the oil in case they might make a loss.—TWA/EM