Rice price extends to further rise along with high paddy price

The prices of both paddy and rice have been inflating since early February. The new low-grade rice price remains above K50,000 per bag while the new high-grade Pawsan rice fetches approximately K70,000 per bag.
Additionally, the price of paddy and Pawsan rice from delta regions are on the rise, according to the rice market’s statistics on 9 February.
The prices of broken rice moved in the range between K41,000 and K45,000 per bag on 9 February 2023 depending on different qualities. The low-grade rice price for export is estimated at K50,000 per bag. New low-grade rice prices stood at K54,000-62,000 per bag depending on varieties (rice grown under the intercropping system, Sinthuka, Pakan, Pawkywel, Kunni and rice grown in the late season).
New Pawsan rice prices were K73,000 per bag from the Pyapon area, K75,000 from the Myaungmya area and K88,000 from Shwebo respectively. Meanwhile, old Pawsan rice fetched K84,000-1,050,000 per bag, some rice traders involved in Padauk, Seinpan and Arthawka lanes at Bayintnaung Wholesale Market told the Global New Light of Myanmar (GNLM).
Next, the prices of paddy indicated an increase of K3,000-5,000 per 100-baskets, according to the daily price report at Wakema depot.
During the harvest season of monsoon paddy in 2022, the low-grade paddy was offered at K1.33 million per 100-baskets in October and K1.6 million in mid-November. The price plummeted to K1.3 million in early December last year.
Thereafter, the prices increased again. The figures indicated a significant rise of K300,000-330,000 per 100-baskets four months after the harvest time.
Normally, the price of paddy goes down this time of the year. In early 2023, the number of millers increased remarkably. Even some big companies are involved in the export process.
Some traders in possession of rice and paddy put their stocks for sale. If the price remains on an upward trend, the price of low-grade rice that is highly consumed by low-income people will reach around K60,000 per bag. It is the same with high-grade Pawsan rice recorded in the previous years.
Similarly, Pawsan from the delta region is expected to hit K90,000 per bag, which is the record price of Pawsan from the Shwebo area last year, a rice trader told the GNLM. — TWA/EM