Myanmar Rice Federation has announced that three basic paddy prices for 100 baskets of paddy—K480,000, K500,000 and K520,000— will be set, promising to pay the same prices as set by the government, according to a statement released by MRF.   

The statement was issued during a meeting of the central executive committee of the federation held on September 14.

Discussion focused on measures to seek cooperation from the government in preventing sharp fall in paddy prices when harvest comes and strengthen cooperation among rice millers, exporters and merchants. The participants stressed the need to implement the project (2018) that calls for efforts to increase demand as paddy prices usually fall when the harvest comes due to imbalance between demand and supply and shortages of driers and warehouses.

According to the statement, basic paddy prices are to be in three types: K480,000 for 100 baskets of paddy in Type-1, K500,000 in Type-2 and K520,000 in Type-3.

Starting from October, November or December after the government has announced basic paddy prices, paddy and rice purchasing plans will be made in coordination with MRF, private merchants, rice millers, companies and relation associations.

Deputy Minister for Commerce Aung Htoo said those basic prices must benefit both farmers and merchants.

"Basic prices must be set after calculation of production cost. MRF and its brother associations need to give advice on basic prices, measures to maintain the set prices and measures to intervene with market to a certain extent. We need to consider market demand and supply. Basic prices must benefit farmers as well as merchants," said the deputy minister.