The price for 100 baskets (one basket is equivalent to 46 pounds) of monsoon paddy fetched K620,000 in early harvest time, said U Zaw Khaing, the CEC of Myanmar Rice Federation.
“Currently, the price of freshly harvested wet paddy ranges from K580,000 to K620,000 per 100 baskets,” said U Zaw Khaing.
As a result, the prevailing price of paddy in the market is much higher than the floor price of 100 baskets set by the government.
The floor price for paddy has been set at K540,000 for every 100 baskets of monsoon paddy grown in 2021 and summer paddy cultivated in 2022, according to an announcement released by the Committee for Farmers Rights Protection and Interests Promotion on 6 October.
Under the provision of the Law of Protection of the Farmer Right and Enhancement of their Benefits, the Leading Committee for Farmers Rights, Protection and Interests Promotion has fixed the minimum price of paddy at K540,000 per 100 baskets if the paddy meets the prescribed criteria — 14-per-cent moisture content and a fixed percentage of impurities such as sand, weed, and small stones — to create fair markets for farmers.
Besides, if the market price is above the set price, the merchants have to purchase the paddy at the prevailing market price. Farmers facing difficulties selling their produce at the basic price can contact the township agents of Myanmar Rice Federation (MRF) and MRF office’s contact 012301128, 01-2301129 and 01-218266.
Nearly 18 million acres are put under monsoon and summer paddy in Myanmar yearly, according to the Ministry of Agriculture, Livestock and Irrigation.
According to the Ministry of Agriculture, Livestock and Irrigation, Myanmar yearly cultivated 17.82 million of summer and monsoon paddy in 2015-2016FY, 17.70 million of paddy in 2016- 2017FY, and 17.93 million of paddy in 2017-2018FY, 17.86 million of paddy in 2018-2019FY and 17.31 million of paddy in 2019-2020FY. — NN/GNLM