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Low-quality domestic rice price plunges

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Rice bags are stored in piles at a warehouse. Photo: Tin zar Hlating

The price of the low-quality domestic rice plunged in the market.
Besides, the low-quality rice trading is cool these days, said U Than Oo, the secretary of Bayintnaung Rice Wholesale Depot.
Although the low-quality rice price was set at K30,000 per bag previously, it has dropped to K26,000 per bag presently, with a decrease of K4,000 per bag according to the domestic rice market.
Further, other rice prices have also fallen in the domestic market, and the trading is quite cool nowadays. All rice prices are on the downside, he added.
Likewise, the summer paddy price was set at K600,000 per 100 baskets (one basket is equivalent to 46 pounds) early.
It has declined to K500,000 per basket currently.
The domestic rice price and the paddy price are on the decline. Likewise, the export prices are also falling.
“The rice which is traded as the raw-product export is called 5-mark rice.
The 5-mark rice was being traded for K24,000 per bag earlier.
Now, it is priced at only K21,500 per bag. The price has declined by K2,500 per bag,” said U Than Oo.
Although the US dollar exchange rate is rising in the local market, the rice traders in the local rice market are buying the rice from the local farmers at a lower price. Therefore, the farmers are being faced with the loss of profit, he explained.
Besides, the volume of rice and broken rice in the export market has also dropped.
The trading of export rice is being made only for the previous contracts.
The Bayintnaung rice commodity depot, one of the main export markets through the sea route, was closed, starting from 11 February 2021. — NN/GNLM

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