Prices of high-grade Pawsan paddy plunge

The prices of some low-grade new summer rice and some Pawsan rice dipped in March 2023. Similarly, the prices of Pawsan paddy (Ayeya Padetha variety) and short-mature paddy (90 days) declined.
However, the prices of low-grade paddy (Thuka and Hnanka) increased slightly, according to the price data of Wakema Township.
The prices of paddy stood at K1.93 million per 100 baskets of Pawsan, K1.7 million for Ayeya Padetha, K1.55 million for short-mature paddy (90 days), K1.45 million for Nanka and K1.6 million for Thuka on 13 February 2023.
On 6 March, the prices of paddy were K1.9 million for Pawsan, K1.67 million for Ayeya Padetha, K1.5 million for short-mature paddy, K1.5 million for Hnanka paddy and K1.65 million for Thuka variety respectively.
The figures indicated an increase of K50,000 per 100 baskets for low-grade Hnanka and Thuka varieties.  The prices of Pawsan and Ayeya Padetha paddy are down by K30,000 per 100 baskets. The price of short matured paddy (90 days) dropped by K50,000 per 100 baskets. From late February 2023, the prices of summer paddy prices fell to K51,000 per bag. Similarly, the price of new Pawsan rice dipped.
Meanwhile, it is hard to buy monsoon paddy for now. They are circulating in the hands of the traders so the price is still strong. As it is the time to harvest the summer paddy, they can be directly purchased from the growers.
There are price speculations of rice circulated on social media. Reliable market data is hardly found. Consumers have concerns over the price changes in mid-2023 when new monsoon paddy is harvested.
Some forecast the prices of rice for the mid-year depending on the paddy prices.
In mid-2022, skyrocketing rice prices raised the income of traders, attracting investors to put investments into this business.
Traders in possession of rice stocks reap handsome profits from price rises rather than growers. Consumers might experience inflation burdens from soaring rice prices in mid-year, some market observers forecast. — TWA/EM