Supply of fresh rice brings down rice crop price

The price of rice crops has fallen following the supply of fresh rice in the market.
The monsoon rice crop which was grown in May-August started to enter the market.
This year, rice price has risen significantly since May. The price was quite stable in October when the newly harvested rice was going to flow into the market.
Last October, the prices of high-quality rice moved in the range of K44,600-K46,700 per bag, whereas the prices of low-quality rice stood at K28,000-K37,600 per bag.
At present, the price slid to between K25,000-K44,700 per bag depending on quality.
There is therefore a gap of K2,000-K2,500 per bag in recent days.
Normally, the rice fetches a lower rate before Thingyan Festival (Myanmar New Year Festival in April). Shortly thereafter, the price usually goes up, he added.
Myanmar Rice Federation (MRF) and its affiliated associations sold about 5,000 rice bags at a fairer price in Yangon Region, MRF stated.
This scheme is implemented by MRF, Myanmar Rice and Paddy Traders Association, rice wholesale centre (Wahdan), traders and brokers, with a view to offering the rice at a fairer price starting from 14 September 2021. About 5,000 108-pound rice bags have been sold as of 20 October 2021.
Ayeyawady Pawsan, Shwebo Pawsan, Pawkywel, short matured rice varieties (90 days) and sticky rice are being sold at a cheaper price between K23,500 and K54,000 per bag.
About one to five 108-pounds bags can be individually purchased. Those who want to buy them can come and buy at the Wahdan rice wholesale centre located at No 100 between Lanthit and Wahdan streets, Port Compound, Lanmadaw Township, Yangon City through the contact numbers 09421167474, 01218266-68 of the centre. — NN/GNLM