Black gram price jumps to record high by K200,000 per tonne within day

​The price of black gram (urad called in India) hit an all-time high of K2 million per tonne on 29 September, which is a large gap of K200,000 per tonne in one day, according to Yangon Region Chambers of Commerce and Industry (Bayintnaung Wholesale Centre).
The black gram fetched only K1,805,000 per tonne in the domestic market on 28 September, whereas it touched a high of K2,000,000 per tonne (FAQ/RC) on 29 September.
The figures show a remarkable increase of K195,000 per tonne in one day.
The Kyat depreciation in the forex market is a contributing factor to the price hike. A dollar is worth K3,000 in the black market on 29 September.
Furthermore, the main buyer India relaxed the quota on imports for black gram, pigeon pea and green gram.
India earlier set import quota on beans, including black gram and pigeon pea starting from 2017. Myanmar earlier had to export black bean and pigeon pea under the quota system and limit period.
India’s Ministry of Agriculture and Farmers Welfare approved not only black gram but also other pulses being imported from Myanmar that have the bill of lading up to October-end 2021, with relaxation of conditions regarding clearance consignment up to 30 November 2021.
According to this statement, the previous notifications dated 19 March 2021 and 26 March 2021 were cancelled.
Additionally, Myanmar can export 250,000 tonnes of black gram (urad) and 100,000 tonnes of pigeon pea under the G-to-G (government to government) pact during the April-March period between the 2021-2022 financial year and the 2025-2026FY, as per the Memorandum of Understanding between the Ministry of Commerce and India’s counterpart signed on 18 June. Myanmar has shipped over 655,314 tonnes of the black gram to foreign countries as of 17 September 2021 since 1 October 2020, generating an income of US$507.37 million, according to the Ministry of Commerce. Myanmar yearly produces about 400,000 tonnes of black gram and 50,000 tonnes of pigeon pea.
Myanmar is the top producing country of black gram that India demands. Besides Myanmar, other beans such as pigeon pea, green gram and yellow pea, are also grown in Australia and Africa, Myanmar Pulses, Beans and Sesame Seeds Merchants Association stated. – NN/GNLM