Rice prices indicate sharp rise in domestic market

The domestic rice market saw a spike in rice prices, showing a sharp rise up to K15,000 per sack, according to Myanmar Rice Traders Association (Wahdan rice depot).
The prices of ordinary rice moved in the range between K60,500-K69,000 per sack depending on varieties (Ngasein, Aemahta and rice grown under double cropping system), whereas the new Pawsan rice price stood at K80,000 per sack on 1 December.
The prices surged to K65,000-K71,000 per sack for low-grade rice varieties and new Pawsan rice price jumped to K95,000 per sack on 23 December.
The figures reflected an increase of K1,000 to K15,000 per sack within four weeks.
The prices of some old rice varieties remained unchanged at K100,000-K125,000 per sack of high-grade Pawsan from Pyapon, Myaungmya, Pathein and Shwebo areas, K80,000 for Pawkywe and K72,000 for short-mature rice price (90 days), as per the prices announced by Wahdan rice depot.
Myanmar Rice Federation (MRF) announced on 10 December reasonable market prices of rice for December. The reasonable market prices set for December are K60,000-K62,000 per 108-pound sack of Aemahta rice (25 percent broken), K62,000-K64,000 for Aemahta rice (15 per cent broken), K64,000-K68,000 for Aemahta (10-5 per cent broken), K68,000-K72,000 for 90-day short mature rice, Pakan, Ayatha, special Aemahta rice varieties (10-5 per cent broken), K90,000-K95,000 for Ayamin, Ayeya Padaytha, special Aemahta rice varieties (15 broken) and K75,000-K80,000 for Ayamin and Ayeya Padaytha, K80,000-K90,000 for Ayeyawady Pawsan rice and K90,000-K95,0000 Shwebo Pawsan (10-5 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.
Consequently, MRF encouraged the affiliated associations, members of commodity depots, exporters and rice companies to follow the price.
Nonetheless, according to the MRF, the price difference is five to ten per cent between the retail and wholesale markets and 10-20 per cent for modern trade with consumer packaging at mini-marts.  MRF stated that those reasonable market prices only influence the new monsoon paddy produced this year.
MRF urged the buyers to contact the MRF and the relevant wholesale centres to have a smooth trade.
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 a reasonable market price during the monsoon paddy harvest season.
Last August, rice prices hit highs of K145,000 per sack of old Shwebo Pawsan, K123,000 for Kyapyan variety, K110,000-K122,000 for old Pawsan from various regions (Dedaye, Pyapon, Myaungmya, Pathein areas), K110,000 for new Pawsan, K68,000-K80,000 for low-grade rice varieties (Kunni, Ngasein, Aemahta, Thipu and Pawkywe), according to the Wahdan Rice Depot’s price data.
MRF, in cooperation with the Myanmar Rice and Paddy Traders Association and exporting companies, sold rice varieties that are highly demanded in the domestic market, starting from 7 August at Wahdan and Bayintnaung Commodity Wholesale Centres to stabilize the rice prices.
MRF notified that tips-off about those manipulators who spread misinformation on digital platforms to spark consumer concerns and raise rice prices could be done for the sake of the long-term benefit of the rice industry. The federation will forward the reports of those manipulators to the relevant authorities if they are uncooperative. The MRF encouraged all the stakeholders in the supply chain to work together for market stability. — NN/EM