The floor price for 2022 monsoon paddy and 2023 summer paddy was set at K630,000 per 100-baskets, according to the leading committee for the Protection and Promotion of the Rights and Interests of Farmers.
The committee set the floor price for paddy at K540,000 per 100 baskets for 2021 monsoon paddy and 2022 summer paddy. The price this year increased by K90,000 per 100 baskets.
According to notification No 1/2022 dated 11 November 2022, the committee for the Protection and Promotion of the Rights and Interests of Farmers, in accordance with the provisions of Law of Protection of the Farmer Rights and Enhancement of their Benefits, set the floor price of the paddy which meets the prescribed criteria: 14-per-cent moisture content and a fixed percentage of impurities such as sand, weed, and small stones is set at K630,000 per 100 baskets (one basket is equivalent to 46 pounds) in order to ensure fair market and fair price for the growers.
The traders are notified of purchasing the paddy at K630,000 if the market price falls below the floor price.
Those who face difficulties selling them at the floor price in minimum can contact the Myanmar Rice Federation through 01-2301128 and 01-218266.
Myanmar’s paddy acres totalled 15.37 million acres of monsoon paddy and 2.45 of summer paddy in the 2015-2016 FY, 15.24 million acres of monsoon paddy and 2.46 million acres of summer one in the 2016-2017 FY, 15.22 million acres of monsoon paddy and 2.71 million acres of summer paddy in the 2017-2018 FY, 15.08 million acres of monsoon paddy and 2.78 million acres of summer paddy in the 2018-2019 FY, and 14.98 million acres of monsoon paddy and 2.33 million acres of summer paddy in the 2019-2020 FY, according to the Ministry of Agriculture, Livestock and Irrigation.
There are nearly 18 million acres of monsoon and summer paddy in Myanmar every year. In the 2019-2020 FY, the paddy sown acreage plunged into the lowest of 17.31 million acres within five years, according to the ministry.—NN/GNLM