Yangon rice market sluggish in post-Christmas

Yangon’s rice market braced for declining demand in the post-Christmas holidays, said U Kyaw, a rice depot owner, told The Global New Light of Myanmar (GNLM).
The price of Ayeyawady Pawsan rice is down by K2,000 per sack. The traders are closely observing the upcoming market conditions in the early days of the month. At present, both retail and wholesale markets are inactive.
The prices of ordinary rice stood at K68,000-K95,000 per sack depending on the varieties. Pawkywe rice variety fetches K100,000 per sack at present, U Tin, a rice trader involved in Bayintnaung’s Padauk street shared price data.
The prices of high-grade new Pawsan rice varieties moved in the range between K110,000 and K140,000 per sack depending on the producing areas (Mawgyun, Pyapon, Bogale, and Shwebo).
The stock of old Pawsan rice is less. The high-grade old Pawsan rice from Ayeyawady is sold at K150,000 per sack and the one from Shwebo fetched K170,000-K180,000 per sack. New sticky rice price touched a low of K90,000-K110,000 per sack.
Monsoon paddy price is offered at K1.8 million per 100 baskets in delta regions, while the paddy prices stand at K2.5 million for new Meedon (Pawkywe) and K2.8 million for Pawsan, Ko Soe Tint, a farmer from Bogale Township said.
The prevailing prices of new rice are way higher than the reasonable market price for December 2023 issued by the related non-governmental institution. Similarly, the actual market price of monsoon paddy is exorbitantly high compared to that of the set prices.
Consequently, some rice millers do not reveal the buying price of paddy amid the reference price. Additionally, the invoice of the rice shops is just a mere paper and there is no transparency with missing information of the rice shops, consumers stressed.
Consumers called for law enforcement on rice markets like the events that occurred in edible oil and fuel oil markets in 2023 to ensure fair market price as they are raising concerns over the possible price hike up to K200,000 per sack.
Yangonites bought high-grade rice at a higher price than the reasonable market rate in the two consecutive years. — TWA/KK