Rice prices hit three-week high

The prices of rice that are locally consumed indicated an increase of K4,000-K15,000 per sack within three weeks, according to the Myanmar Rice Traders Association (Wadan rice depot).
The low-grade rice moved in the range between K68,000 and K80,000 per sack depending on varieties (Aemahta, and high quality double cropping rice). Premium Pawsan prices are K100,000-K125,000 per sack depending on producing areas (Myaungmya, Pyapon and Shwebo) on 1 January in Yangon’s wholesale market.
The prices surged to K7,200-K9,000 per sack of low-grade rice and K110,000-K135,000 per sack of Pawsan rice varieties on 19 January.
Next, the reasonable market prices set for January are K70,000-K72,000 per 108-pound sack of Aemahta rice (25 per cent broken), K72,000-K75,000 for Aemahta rice (15 per cent broken), K75,000-K78,000 for Aemahta (10-5 per cent broken), K80,000-K85,000 for 90-day short matured rice, Pakhan, Anyarthar, special Aemahta rice varieties (5-10 per cent  broken), K95,000-K100,000 for Ayarmin, Anyatha, Ayeya Padaytha, Ayarmin (5-10 per cent broken), K100,000-K110,000 for Ayeyawady Pawsan rice and K90,000-K100,0000 for non-premium Shwebo Pawsan, K110,000-K115,000 for Ayeyawady Kyapyan (5-10 per cent broken) and K125,000-K135,000 for Shwebo Pawsan (5-10 per cent broken).
The federation determined reasonable market prices by considering the following factors; fair profit for the farmers, millers and distributors, reasonable prices for consumers, last year’s market price, global market prices and other commodities prices. Yet, the market price is higher than the reasonable prices. Therefore, the federation rigorously reflected on high market rates.
Consequently, MRF encouraged the affiliated associations, members of commodity depots, exporters and rice companies to follow the price.
Nonetheless, the price difference is five to ten per cent between the retail and wholesale market and 10-20 per cent for modern trade with consumer packaging at mini marts, according to the MRF.  Those reasonable market prices only influence the new monsoon paddy produced this year, MRF stated. In order to have a smooth trade, MRF urged the buyers to contact the MRF and the relevant wholesale centres. The federation notified on 21 September paddy reference price for 2023 monsoon paddy and called for its affiliated companies, millers and traders to buy the paddy at the reasonable market price at the monsoon paddy harvest season. — NN/EM