The domestic rice market saw a spike in fresh non-premium grade rice prices, indicating a sharp rise up to K11,000 per sack within one month, according to the Myanmar Rice Traders Association (Wahdan rice depot).
On 4 January 2024 the prices of new ordinary-grade rice touched a high of K68,000-K77,000 per sack depending on varieties (Ngasein, Aemahta, and rice grown under an intercropping system). The prices surged from K60,500-K69,000 per sack on 4 December 2023.
The figures reflected an increase of K2,000 to K11,000 per sack.
Moreover, new Pawsan rice of premium quality was priced at K80,000 on 4 December in Yangon’s wholesale market. On 4 January, the price significantly rose to K95,000 per sack, showing an increase of K15,000 per sack.
The wholesale prices of some old rice varieties remained unchanged at K100,000-K125,000 per sack of high-grade Pawsan from Pyapon, Myaungmya, Pathein, and Shwebo areas, K80,000 for Pawkywe and K72,000 for short-mature rice price (90 days), as per the prices announced by Wahdan rice depot.
Myanmar Rice Federation (MRF) determined reasonable market prices by considering the following factors; fair profits for the farmers, millers, and distributors, reasonable prices for consumers, last year’s market price, global market prices, and other commodities prices.
Consequently, MRF encouraged the affiliated associations, members of commodity depots, exporters, and rice companies to sell the rice at reasonable market prices.
Nonetheless, the price difference is five to ten percent between the retail and wholesale market and 10-20 per cent for modern trade with consumer packaging at mini marts, according to the MRF. Those reasonable market prices only influence the new monsoon paddy produced this year, MRF stated.
To have a smooth trade, MRF urged the buyers to contact the MRF and the relevant wholesale centers.
The federation notified on 21 September paddy reference price for 2023 monsoon paddy and called for its affiliated companies, millers, and traders to buy the paddy at reasonable market prices during the monsoon paddy harvest season. — NN/EM
