Myanmar fixes 2018 paddy price at K500, 000 per 100 baskets
Myanmar fixes 2018 paddy price at K500, 000 per 100 baskets
Myanmar Times, 08 Mar 2018
URL: https://www.mmtimes.com/news/myanmar-fixes-2018-paddy-price-k500000-100-baskets.html
A floor price for paddy has been set at K500, 000 for every 100 baskets of rice for the 2018 paddy harvesting period, the Myanmar Rice Federation announced Tuesday at the Myanmar Rice Federation Stakeholder Forum 2018 in Nay Pyi Taw (One basket weighs 46lb or 20.86kg).
It is the first time Myanmar is setting a floor price for locally harvested rice. All MRF member rice mills, rice traders and agents and private companies will buy rice that meet with designated quality standards, at the new price, the announcement said.
The floor price excludes high-grade rice such as Paw San Hmwe and Ae-Ma-Hta. These varieties of rice will trade at the prevailing market price of between K700, 000 and more than K1 million per 100 baskets.
The 2018 basic price set by MRF will cover ordinary rice varieties grown by the majority of Myanmar farmers. As rice prices are usually volatile during harvesting periods, a basic floor price has been set to protect farmers against runaway losses.
It is the first time Myanmar is setting an annual floor price for paddy. The move is expected to enhance cooperation between traders and farmers, State Counsellor Daw Aung San Suu Kyi said at the forum.
“Buyers will be able to buy good quality paddy at a fixed price. But there is also fixed quality. Not all rice will be sold at K500, 000,” said Dr Thant Myint, Union Minister for Ministry.
It is the first time Myanmar is setting a floor price for locally harvested rice. All MRF member rice mills, rice traders and agents and private companies will buy rice that meet with designated quality standards, at the new price, the announcement said.
The floor price excludes high-grade rice such as Paw San Hmwe and Ae-Ma-Hta. These varieties of rice will trade at the prevailing market price of between K700, 000 and more than K1 million per 100 baskets.
The 2018 basic price set by MRF will cover ordinary rice varieties grown by the majority of Myanmar farmers. As rice prices are usually volatile during harvesting periods, a basic floor price has been set to protect farmers against runaway losses.
It is the first time Myanmar is setting an annual floor price for paddy. The move is expected to enhance cooperation between traders and farmers, State Counsellor Daw Aung San Suu Kyi said at the forum.
“Buyers will be able to buy good quality paddy at a fixed price. But there is also fixed quality. Not all rice will be sold at K500, 000,” said Dr Thant Myint, Union Minister for Ministry.