Nay Pyi Taw news, the 2022-2023 fiscal year sugarcane market season is coming, although there is still a period of time before the sugarcane matures, but there are already companies bidding in advance, the price of a ton of sugarcane has risen to 80,000 Kyats.
In the 2019-2020 sugarcane market season, the market price of one ton of sugarcane was only 40,000 Kyats, and in the 2020-2021 fiscal year, companies that acquired sugarcane bid 50,000 Kyats before listing, and the price of sugarcane after listing was set at 65,000 Kyats per ton.
Wu Wenteng, chairman of the Myanmar Sugar and Sugarcane Products Merchants Association, said that the market price of sugarcane can only be determined after it is mature and listed, and for the upcoming sugarcane season, companies have already produced 80,000 KYAts a ton. In the 2023-2024 fiscal year, we will also issue planting subsidies, which will receive 200,000 Kyats for one acre expansion.
Wu Wenteng continued that Riyeboller Sugar Mill has opened a purchase price for sugarcane in the 2022-2023 fiscal year, with a price of 80,000 KYM per ton, and other manufacturers will also offer purchase prices. Sugarcane production declined in the 2021-2022 fiscal year, only about 400,000 tons, but it can also meet domestic demand. This year's sugar production is about 450,000 tons, in order to ensure domestic demand, reduced the export of white sugar. At present, the price of domestic white sugar is around 2130-2150 KY$ According to the White Sugar Products Division of the Department of Planting Management, the domestic sugarcane planting area reached 438,420 acres this year.
In recent years, the production of white sugar in many neighboring countries has increased, and the export of white sugar from Myanmar has declined. Domestic white sugar is mainly supplied to the factory, because the factory will not wholesale white sugar in large quantities, but will only buy according to the actual amount of use, which further leads to a decline in sugar sales, and tons of white sugar are piled up in the warehouse.