Australian Mungbean Association
Australian-grown mungbeans have quality written all over them!
2021 Market outlook for mungbeans
There is currently strong demand for high quality Australian mungbeans on the global market.
30 January, 2021
Strong demand for quality Australian product
by Cindy Benjamin
Mungbean exporters are reporting strong interest in Australian mungbeans to help fill a shortfall in production in China. Following two low production years there is no carryover stock of mungbeans in Australia to meet the current demand and both India and China are sourcing product from other countries until the new crop is harvested in Australia.
Chandru Hiremath, Golden Harvest Grain Exports, says there is steady interest from Chinese importers looking for Australian product for shipment from April to June.
“The Chinese are currently sourcing lower cost mungbeans from Myanmar and Uzbekistan,” he says. “But they are wanting the higher quality Australian product as soon as it is available. Growers will have no trouble marketing grain this season and we would expect the price to be around $1000 to $1200 per tonne to the grower, depending on quality.”
Olam’s pulse trader Srinivas Boyapalli agrees, saying the Chinese demand for Australian processing quality beans is strong, but cautions that this market is price sensitive and will respond to changes in the value of the Australian currency.
“If the Australian crop is up around the 100 to 150 thousand tonnes mark that could eventuate if the rain continues to fall, there will likely be a drop in price once China leaves the market,” he says. “Later sown crops might budget on around $800 to $1000 per tonne to the grower.”
The other factor to consider is that the Indian government will announce fresh import quotas early in April and there is an expectation that licences will be issued soon after, effectively bringing this important market back into play for the new crop Australian mungbeans.
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Email Dale Reeves