Price of rain-fed rice soars up to nearly K1.3 million

The demand for rain-fed rice from Ayeyawady Region is currently on the rise, and the price has reached approximately K1.3 million per 100 baskets in the third week of October.
Prices in the rice market are rising in October, the harvest season. The price of rain-fed rice stood at K12.2 million per 100 baskets on 15 October, according to dealers from Myaungmya District.
“As it is the season for storing rice, buyers who are willing to purchase the rain-fed rice, travelled down to the countryside and offered a good price. That is why the price of rice is high,” said U Kyaw Yin, a rice farmer.
In October and November, the price of rice ranges between K1 million and K1.2 million per 100 baskets, depending on the variety of paddy.
He added, “The prices of fertilizers, pesticides and herbicides are too high this year. So, we can’t buy enough of them and per-acre yield is markedly low. Fortunately, we can sell the rice at a good price.”
Last year, the market price of rice was around K600,000 per 100 baskets and that of fertilizer was around K30,000 per bag. Some rice dealers have expected that the rain-fed rice can fetch a good price because it has been agreed to export 100,000 tonnes of rice to Bangladesh.
The market price of Pawsan rice variety from delta region ranges between K57,000 per bag and K65,000 per bag. The current prices of low-grade and high-grade of Shwebo Pawsan rice are K80,000 and high grade K91,000 per bag respectively. — TWA/GNLM