The price of mung beans in Beijing has bounced back due to the high temperatures. On July 8, reporters learned from the Yuquanlu Jinxiudadi market that the current average wholesale price of mung beans is 16 yuan per kilogram and the price of high-quality mung beans is 16.4 yuan per kilogram. This is nearly as high as this year’s peak price, which was 18.4 yuan per kilogram. In less than one month, the price of mung beans increased 6 yuan from the lowest price of 10 yuan per kilogram. Liu Jingliang, official of the Jinxiudadi market, said that on the one hand, the strong fluctuation on the mung bean’s price is caused by the stock out in the growing areas and therefore quantity cannot satisfy the market demand, on the other hand, people’s demand for mung beans has increased due to the persistent high temperatures, which has been another major factor in the rise of the price of mung beans.
The price of mung beans has continuously increased for half a month.
Lao Fu, the largest mung bean wholesaler at the Yuquanlu Jinxiudadi market, said that the price of mung beans fell to 10 yuan per kilogram in June and the price has changed every day since the end of June. The high temperatures over the past five days have caused the price of mung beans to quickly rise from 14 yuan per kilogram to 16 yuan per kilogram.
Market analysts said that the price of mung beans bounced back because, on one hand the price was too low earlier when the quantity of mung beans was not large, and on the other hand, as the temperature has continuously increased since the beginning of July, many citizens have bought mung beans for relief from the summer heat, thus its price is continuously increasing due to the short supply and the price has bounced back to higher levels. Retailers said that currently, the situation of mung beans being sold out has appeared in Beijing’s markets.
The price of mung beans will fall sharply in October
Retailers at the market said that the current mung beans in the market are all old mung beans produced in the last year. It is expected that as the new mung beans will be coming to the market in October, and then the price of mung beans will fall sharply, to between 8 to 10 yuan per kilogram.
Market analyst Liu Jingliang also said that as the price of mung beans is high this year, farmers have expanded the mung bean’s growing area. It is expected that as the quantity of the new mung beans in the market increases, the price will fall at that time.
The response from citizens
No matter how expensive they are, we have to buy mung beans for heat relief.
On July 8, a citizen Miss Ren said that she still eats mung beans even though the price has gone up. She added that Beijing folks have a habit of drinking mung bean soup in the summer. Therefore, the best she can do is walk around to find and buy mung beans that are relatively cheap.
Miss Ren also said that the price of mung beans was 14 yuan per kilogram when she went to the supermarket a few days ago, and the price increased 18 yuan per kilogram when she went there on July 8. Therefore, she can only buy more kilograms when she sees cheaper mung beans. In addition, her family can eat at least five kilograms of mung beans in one summer.
The business skills of the mung bean retailers
In 2010, the price of mung beans was maintained by a “high fever,” and then fell sharply. Currently, the price of mung beans has bounced back strongly.
The strong fluctuation in the price of mung beans has helped the retailers succeed but also has caused problems. Lao Fu, a mung bean retailer, said that a few days earlier, as the price of mung beans fell sharply from the peak, many retailers hurried to sell their mung beans and many retailers “sold the mung beans at a price below the cost.” He added that in June, he lost nearly 200,000 yuan in mung bean sales and essentially lost all the money he earned when the price was high. Lao Liu said that currently, as the mung bean’s price begins to increase sharply again, he can sell several thousand kilograms each day and the 20-tons mung beans in one track can be sold out in a few days. Recently, he tasted the satisfaction of making money again.
Currently, retailers in the market do not worry about the price of the mung beans. They believe that as the mung beans are in short supply and people need mung beans to relief the summer heat, the demand for mung beans will not decline, and thus the price will not fall.
Lao Fu said that although the price of mung beans has been continuously rising due to the short supply, the purchase price of high-quality mung beans is more than 16.8 yuan per kilogram and retailers can only make a few fen on each kilogram. Therefore, in order to win in the mung beans race, retailers need to purchase a large quantity. Retailers predicted that large mung bean retailers would only be able to earn tens of thousands yuan in October.
Mung beans in the growing areas are almost sold out.
On July 8, the reporter conducted a telephone interview with Lao Li, the mung bean supplier in Liaoning. Lao Li said that he has suspended the mung beans business, because all the mung beans he had were sold out on June 28. He also said that there are basically no mung beans storage in all of Fuxin city. He added that currently, most mung beans in Beijing’s markets come from Jilin and Inner Mongolia, and there are still a small amount of mung beans in reserve. Lao Li is prepared to restart his mung bean business in the middle of August, the time when the new mung beans are available.