Paddy worth approximately K700,000 per 100 baskets

The price of paddy touched a high of approximately K700,000 per 100 baskets, said U Than Oo, the secretary of the Bayintnaung rice wholesale market.
The monsoon rice inventory is down at present. However, the newly harvested summer paddy is going to flood the market.
At the moment, summer paddy is gradually flowing into the market. Earlier, summer paddy was sent to domestic buyers only. It is now delivered to the export market for raw materials, he was quoted as saying.
“Summer paddy is shipped to the export market as raw materials. It is priced around K30,000 per 108-pound bag. As the supply exceeds the demand in the domestic market, it is shipped to the external market. Yet the price slightly declines to K27,500 per bag,” U Than Oo elaborated.
The price of paddy is likely to fall if the market sees an excess amount of summer paddy inventory, he continued.
The government’s leading committee for the Protection and Promotion of the Rights and Interests of Farmers set the floor price for paddy at K540,000 per 100 baskets for 2021 monsoon paddy and 2022 summer paddy.
The Committee on Protection and Promotion of Rights and Interests of Farmers, following the provisions of the Law of Protection of the Farmer Rights and Enhancement of their Benefits, set the floor price of the paddy which meets the prescribed criteria: 14-per-cent moisture content and a fixed percentage of impurities such as sand, weed, and small stones is set at K540,000 per 100 baskets (one basket is equivalent to 46 pounds).
The traders are notified of purchasing the paddy at K540,000 if the market price falls below the floor price.
Those who face difficulties in selling them at the floor price in minimum can contact the Myanmar Rice Federation through 01-2301128, 01-2301129 and 01-218266).
There are nearly 18 million acres of monsoon and summer paddy in Myanmar every year, according to the Ministry of Agriculture, Livestock and Irrigation. — NN/GNLM