As the new monsoon low-grade paddy is being piled up and new high-grade Pawsan paddy will be harvested in two months, rice demand is set to slow in Yangon’s depot, U Kyaw, a rice warehouse owner in Bayintnaung Wholesale Centre, told The Global New Light of Myanmar (GNLM).
The new monsoon low-grade rice starts flowing into the market. The price is down by K500-1,000 per sack these days. The price of high-grade Pawsan rice indicated a decrease of K3,000 per sack, while broken rice prices dropped below K50,000 per sack.
As the paddy can be purchased at the reference price soon, the price is likely to drop further, a rice trader forecast.
There is a high potential for a price decrease rather than a price rise. The demand is sluggish in the market. The market sees sellers outperforming buyers as a new supply of rice nears.
Consumers can buy the rice at a fairer price as there is less chance for the price to hit fresh peaks this year.
Of 2.6 million acres of paddy plantation in the second-largest rice-producing Bago Region, over 83,000 acres of paddy have been harvested so far since the last week of September. — TWA/EM
