New monsoon paddy price climbs in January

Farmers from delta regions said the actual market price of monsoon paddy produced in 2023 is higher than the reference price released by the institution concerned. The paddy-related non-governmental organization issued the reference prices on 9 September 2023, with K1.3-K1.5 million per 100 baskets of monsoon paddy, K1.6 to K1.8 million for Ayeyawady Pawsan paddy, Ayeya Padaytha and Ayeyamin, K1.8 to K2 million for Shwebo Pawsan paddy.
The floor price for summer paddy issued by the leading body protecting farmers’ rights was K750,000 per 100 baskets (a basket equals 46 pounds). Yet, the market value was way higher than that price. The paddy fetches K1.8 mill per 100 baskets of low-grade paddy (Nanka), K2.5 million for Pawkywe and K2.8-K3 million for Pawsan paddy in mid-January 2024, U Soe Tint, a farmer who owns 20 acres of land in Bogale Township told The Global New Light of Myanmar (GNLM).
Following the surge in rice prices, reasonable rice prices for January were higher than that of December. Subsequently, paddy prices increased in January 2024. At present, except for the monsoon paddy farmers who handle a large number of acres, there is a low stock in farmers’ hands. Those who keep the paddy stocks in their hands expect a high price.​ Paddy and rice prices will likely go up in H1 2024. Consumers call for law enforcement on those manipulators who raised the prices too high. — TWA/KK