IT is time to harvest the monsoon crops and plant cold-season crops as a second cycle. Paddy, the primary monsoon crop, has already been harvested and processed into rice for the domestic market, while cold-season crops are flourishing on suitable farms.

Myanmar is a major rice-producing country. For farmers to thrive economically, rice production must increase while main­taining affordable production costs and fair market prices. Sup­porting farmers and ensuring stable, equitable market conditions are essential for consumers to enjoy a stable socio-economic life.

Paddy is cultivated on some 17 million acres planted annually. About 80 per cent of the rice yield is used for domestic consumption and food production, while only 20 per cent is exported. Maintaining a stable rice market requires collaborative efforts from all stake­holders to ensure its smooth operation domestically.

The rise in rice prices is driven by factors such as un­predictable weather during the paddy harvest, higher in­put costs like pesticides and fertilizers, increased labour costs in agriculture, and insta­bility in rice-producing areas. A key factor, however, is mar­ket manipulation, where rice is bought and hoarded in large quantities to drive up prices. To maintain affordability for consumers, it is crucial that rice prices reflect both farm­ers’ production costs and fair profits for traders involved in milling, storage, and sales.

To support farmers, who are vital to the rice sector, the Steering Committee on Protection of Farmer Rights and Enhancement of Benefits set the basic reference price for paddy on 19 October 2024. This move follows earlier ad­justments to the price due to evolving circumstances. Rel­evant organizations prioritize farmers’ welfare and work to stabilize rice prices, promot­ing a fair and sustainable mar­ket environment.

Paddy with a 14-per-cent moisture content, free from impurities like husk, chaff, dust, sand, and stones, and meeting the required quality standards, is priced at K9.5 million per 100 baskets, with each basket weighing 46 pounds. If the market price exceeds the base indicative price, purchases should be made at the market rate. However, if the market price is lower than the base price, purchases should be made at the base price. This base indicative price applies to the 2024 monsoon paddy and 2025 summer paddy harvests.

Paddy and rice prices mirror current commodity rates. Com­modity prices in domestic markets will only drop when farmers face the need to secure a slim profit margin from their crops. As a result, consumers can benefit from lower prices, helping to alleviate socioeconomic challenges.