MRF declares paddy reference price during monsoon paddy harvest season

Myanmar Rice Federation announced on 19 September the reference prices of various monsoon paddy varieties produced in 2023.
The floor prices and the ceiling prices are set at K1.3-1.5 million per 100 baskets of low-grade monsoon paddy (Ngasein/Aemahta) varieties, K1.6-1.8 million for Ayeyawady Pawsan and Ayeya Padaytha paddy varieties, K1.8-2 million for Shwebo Pawsan paddy. The federation urged the traders not to offer higher prices than the reference prices.
To have a decent price during the harvest season of monsoon paddy, the MRF set the reference prices upon the decisions of the related non-governmental organizations, officials of the MRF, and rice exporting companies, to have a certain profit for the stakeholders in the supply chain including millers, traders and producers and to ensure the fair price for the consumers, under the guidelines of the State for the commodity price stability.
However, the MRF has not revealed the measurement for one basket. Normally, it is measured at 46 pounds per basket of paddy. Depending on the moisture content, the measurement increased to 50 pounds and above per basket while traders were buying them from farmers.
The reference price of paddy was set at K320,000 per 100 baskets (a basket is equivalent to 46 pounds) in the 2012-2013 financial year. The price soared to K1.5 million per 100 baskets after a decade.
The yield rate of monsoon paddy is estimated at 70 baskets per acre, allowing the farmers to earn K1 million. Before the monsoon paddy harvest season, the paddy prices surged to K1.8-2.8 million per 100 baskets of low-grade monsoon paddy and Ayeyawady Pawsan paddy in early September from K1.45-1.9 million recorded in early February 2023. The price of Shwebo paddy jumped to K3.7 million per 100 baskets in September from K2.5 million in early January 2023. — TWA/KK