Prior to harvest time of rice, prices are up by Ks1,000 per bag this week in Mandalay market due to high local and foreign demand, said U Kyaw Kyaw Naing, chair of Mandalay Rice Commodity Depot.
China is increasingly purchasing Myanmar’s old rice before harvest season. The prices of rice varieties highly consumed by local people increase by Ks1,000 per bag owing to Yangon’s high demand. The price is not possibly to continue rising than current market price as paddy is going to be harvested in the end of September, he continued.
The prices of export rice ranges from Ks24,000 to 24,500 per 30.75-viss bag depending on varieties while locally consumed rice fetches from Ks30,000 to Ks57,000 per 30-viss bag depending on quality, according to Mandalay market.
Last year, erratic weather destroyed rice, resulting in low price. Buyers are rarely seen even though 100-basket low quality rice sold for above Ks800,000. Therefore, the growers expect a good price this year. They want the merchants to offer a reasonable price for substandard rice, said U Thein, a grower pointed out his opinion on high price of the rice.
The growers last year faced with a great loss from low quality despite high yield of monsoon paddy amid erratic weather. This year, they anticipate having a high price as the yield and quality of rice is likely to be high with favourable weather condition.
Min Htet Aung (Mandalay Sub-printing House)