New rice price moves up, old rice price hovers unchanged

The prices of new rice were up by K2,000 per bag on 9 January 2023, yet the old rice prices remained stable.
On 9 January 2023, the prices of new low-grade rice moved in the range between K44,000-K55,000 per bag depending on varieties (Thukha, Pawkywe and rice grown under intercropping system). The prices of old short-mature rice (90 days) were K52,000-54,000 per bag.
The prices of high-grade Pawsan varieties were K63,000-K72,000 per bag depending on producing areas (Shwebo, Pathein, Myaungmya and Pyapon areas). The prices of paddy stood at K1.56-K1.6 million per 100-basket for the Pawsan variety, K1.62-K1.65 million for Taungpyan, K1.23-K1.27 million for short matured rice (90 days), K1.K17-1.2 million for Nankar and K1.15-K1.17 million for Ngasein.
The new low-grade rice fetches K45,000 per bag amid the rice loading onto the ships and the rise in global rice prices. The demand for old Pawsan rice will continue until the upcoming Thingyan Festival which falls in April. Moreover, some consumers store the stocks of new Pawsan rice for the whole year. The prevailing price is like a floor price. The price difference between old and new Pawsan rice has been narrow.
The consumers had concerns over the possible rice price volatility in mid-2022. Otherwise, traders are also worried about a decrease in profit unlike mid-2022.   The consumer sentiment over inflation diverges from the profit and loss concerns of the traders. Thus, governance on the market to fix reasonable rice and paddy prices is requisite for the rice market, a market observer pointed out in his interview with the Global New Light of Myanmar. —TWA/EMM