The prices of some new summer paddy moved up to K1.6 million and above per 100 baskets in some delta regions on 28 March.
The prices stood at K1.6 million per 100 baskets of Thuka summer paddy, K1.65 million for summer paddy and Pakan paddy, K1.55 for paddy grown under the intercropping system, K1.56 for Nanka variety, K1.7 for Ayeya Padaytha, K1.93 for Pawsan and K1.68 million for Thuka monsoon paddy, according to a rice mill in Wakema Township.
Following the rise in paddy prices, the prices of rice also increased to K55,000 per bag of summer rice grown under the intercropping system, K58,000- 67,000 for 90-day short matured rice, and K73,000-90,000 for Pawsan varieties.
The summer paddy will be abundantly harvested in delta regions until end-April. The summer paddy grown under irrigation systems in Mandalay and Sagaing regions will be harvested during the July-August period. New monsoon paddy in delta regions will be yielded in September.
News about high prices of rice on low supply of paddy is circulating in the market. Paddy is constantly harvested every month. Some investors are storing commodities for great profit.
The 2022 monsoon paddy and 2023 summer paddy growers are receiving a handsome income.
There are approximately 1.7 million acres of monsoon and summer paddy in the country.
The 2022 monsoon paddy and 2023 summer paddy seasons did not see the damage caused by natural disasters. The consumers are calling for authorities concerned to govern the market to avoid an unnecessary price hike for rice varieties that are mainly consumed locally. — TWA/EM