High-grade rice prices start declining on supply of low-grade fresh rice

The harvest of monsoon paddy ended and fresh rice started to enter Yangon markets, Ko Win Aung, a rice trader involved in Bayintnaung Wholesale Market, told the Global New Light of Myanmar (GNLM).
Broken rice prices touched a high of K41,000-42,000 per bag. The low-grade fresh rice is relatively higher at K42,000-43,000 per bag. The harvest of Pawsan paddy will commence in November and high-grade Pawsan rice will flow into the market at that time, Ko Zaw Lat, a seller of high-grade rice varieties, told the GNLM.
This being so, old high-grade rice will share the market share with new ones in two months. The consumers have purchased an adequate stock of old rice for their households. Compared to the previous years, people have stockpiled rice this year.
Consequently, the sellers have to reduce the price a bit on the low demand.
The sales promotion posts about high-grade Pawsan rice from the Shwebo area at K100,000 per bag are rarely found on social media at present, a consumer said. Shwebo Pawsan rice is priced at around K90,000 per bag. Pawsan rice from Pathein and Myaungmya areas which were valued at above K70,000 per bag, dipped to K68,000 per bag, while the price of Pawsan rice from the Pyapon area decreased from K67,000 to K63,000-64,000 per bag.
The price of fresh Pawsan rice that will enter the market next month is usually K10,000 lower than the old one. The price difference narrows the options of the consumers as they choose the fairer one.
There is a price gap of K20,000-25,000 per bag between Shwebo Pawsan and Pawsan from delta regions from mid-2022.
However, during the harvest season of high-grade Pawsan in January 2021, Shwebo Pawsan was K2,000 cheaper than those from delta regions, the GNLM quoted Ko Tin Ko, a rice trader, as saying.
The prices stood at K65,000 per bag of Pawsan rice from the Shwebo area and K59,000 from Pathein and Myaungmya area in June-end, 2022. The prices of Pawsan increased to K64,000-70,000 per bag in the third week of July and continued to rise to K70,000-91,000 per bag in August-end. On 28 September, the traders kept the price at K68,000-92,000 per bag. — TWA/GNLM