Summer paddy price hits K800,000 per 100-baskets

The price of summer paddy touched a high of over K800,000 per 100-baskets, said U Than Oo, secretary of the Bayintnaung Rice Wholesale Centre.
“That summer paddy has been dried. Those paddies without moisture content fetched K800,000-850,000 per 100 baskets. The transportation adds additional costs as well. Normally, the price stands over K800,000 per 100-baskets,” said U Than Oo.
At present, the inventory of summer paddy is low and the farmers are receiving handsome income, he continued.
“The volume of summer paddy has become smaller in the domestic market. Newly harvested paddy is also flowing into the market. The prevailing price of K800,000 per 100-baskets makes the farmers thrive. We have not seen a price spike before. Although the agricultural-input cost is high, the high price of paddy covered that,” U Than Oo elaborated.
Tracking the price surge of paddy, exporters have to purchase rice at a high price as well.
The government’s leading committee for the Protection and Promotion of the Rights and Interests of Farmers set the floor price for paddy at K540,000 per 100 baskets for 2021 monsoon paddy and 2022 summer paddy.
The current market price is K300,000 higher than the floor price set by the committee.
The committee for the Protection and Promotion of the Rights and Interests of Farmers, under the provisions of the Law of Protection of the Farmer Rights and Enhancement of their Benefits, set the floor price of the paddy which meets the prescribed criteria: 14-per-cent moisture content and a fixed percentage of impurities such as sand, weed, and small stones is set at K540,000 per 100 baskets (one basket is equivalent to 46 pounds).
The traders are notified of purchasing the paddy at K540,000 if the market price falls below the floor price.
Those who face difficulties to sell them at the floor price minimum can contact the Myanmar Rice Federation at 01-2301128, 01-2301129, or 01-218266).
There are nearly 18 million acres of monsoon and summer paddy in Myanmar every year, according to the Ministry of Agriculture, Livestock and Irrigation. — NN/GNLM