Pawsan paddy prices jump to K1 mln per 100 baskets on low demand

Paddy sskm
The mechanized harvesting in action on one plot of farmlands.

The price of high-grade paddy (Pawsan variety) significantly soared to over K1 million per 100 baskets, according to the Aya Trade Convention Centre of Myanmar Trade Promotion Organization.
The prices of Pawsan paddy move in the range of K1,061,000 and K1,016,000 per 100 baskets (46 pounds) in Pathein, Kangyidaunt, Ngaputaw, Myaungmya, Einme, Wakema, Labutta, Mawgyun, Maubin, Pyapon, Bogale, Kyaiklat and Dedaye townships in Ayeyawady Region at present.
Last 1 March 2021, the paddy produced in Pathein, Kangyidaunt, Ngaputaw, Myaungmya, Einme, Wakema, Maubin, Pyapon and Bogale townships fetched only K902,000-946,000 per 100 baskets, whereas the prices stood at only K869,000-885,000 per 100-basket in Labutta, Mawgyun, Kyaiklat and Dedaye townships.
Meanwhile, low-grade paddy (Emahta variety) was worth only K650,000-690,000 per 100-basket on 1 March. It rose to K708,000-800,000 on 24 March.
The prices of rice are relatively higher these days, following the increase in paddy prices.
The monsoon rice inventory is down at present. However, the newly harvested summer paddy is going to flood the market.
The price of paddy is likely to fall if the market sees a high inflow of summer paddy, rice traders shared their opinions.
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 for the Protection and Promotion of the Rights and Interests of Farmers under the provisions of 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

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