Paddy fetches up to K800,000 per 100 baskets

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Myanmar rice has a firm market locally and internationally. Domestic consumption constitutes 80 per cent of overall rice production and the remaining is sent to the external market.   GNLM File Photo

Although the floor price for paddy is set at over K500,000 per 100 baskets, the paddy is priced up to K800,000 per 100 baskets depending on the varieties this year, according to the Myanmar Rice Federation (MRF).
“Myanmar rice has a firm market locally and internationally. Domestic consumption constitutes 80 per cent of overall rice production and the remaining is sent to the external market. MRF is striving for ensuring rice security market equilibrium and steady rice supply to the remote places in need in coordination with the stakeholders in the supply chain. The floor price is set at K540,000 per 100 baskets. The prevailing price is worth approximately K600,000-K700,000 per 100 baskets. The prices of Ayamin and Ayapadaytha paddy varieties are up to K800,000. White rice of Thailand origin is primarily grown in Bago Region, with the hope to receive good prices as it is increasingly shipped to the European market,” MRF official U Ye Min Aung was quoted as saying.
Contract farming between farmers and companies or institutions can contribute to long-term benefits. The investments should be made by looking forward to future benefits. The farmers need to increase the sowing acreage as paddy prices go higher, he added.
MRF has been providing technical assistance to enhance the milling industry. Additionally, a tripartite partnership scheme among the farmer, private institution and the government has been planned since 2008 and it is the right time to initiate this. The federation expects to boost rice production, milling and trade.
China is the main trade partner of Myanmar’s rice, which is also shipped to countries in the European Union and Africa. — Ko Naing (Bago)/GNLM

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