News

During Thailand's Songkran Festival, Myanmar's corn purchasing power weakened and prices fell

Maize (Corn)
Published Apr 16, 2024

Tridge summary

The price of corn at the Yangon trading station in Myanmar has recently decreased from 1,300 to 1,100 Myanmar Kyats per pull, primarily due to a temporary halt in the loading and unloading industries caused by Thailand's Songkran Festival, which also weakened domestic purchasing power. Additionally, the Thai government's decision to cease corn purchases from neighboring countries, including Myanmar, by 2025 to combat cross-border smog issues, poses a significant concern for Myanmar's corn traders. With Myanmar exporting approximately 2 million tons of corn annually to countries like China, Thailand, and Vietnam, and benefiting from Thailand's duty-free import policy during the corn listing season, this policy shift could have a substantial impact on Myanmar's corn exports. Analysts advise Myanmar corn traders to closely monitor market trends and seek diversified export markets to reduce dependency on a single market.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

It is understood that before April to the end of March, the price of corn at the Yangon trading station was about 1,300 Myanmar Kyats per pull, but the current price has fallen to about 1,100 Myanmar Kyats per pull. A corn trader said that due to the start of Thailand's Songkran Festival, all loading and unloading industries have stopped working, resulting in a weakening of domestic corn purchasing power. Myanmar's corn market mainly relies on the Thai market, so it is expected that corn prices may continue to fall after the Songkran Festival. In addition, the Thai government has issued a legal notice that in order to solve the cross-border smog problem, it will stop purchasing corn produced in neighboring countries, including Myanmar, from 2025. This news makes corn traders worried about the future development of Myanmar's corn market. It is worth noting that Thailand has a duty-free import policy during Myanmar's corn listing season (February to August). Myanmar exports about 2 ...
Source: Foodmate
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