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The Myanmar Farmers Association (MFA) has pledged to fix a set price for the new harvest, due in early December, at 350,000 kyat (US$350) per 100 baskets* of paddy.
Nearly 16 million acres of rice fields are due to be harvested next month, a seasonal task that marks the end of the rainy season. However, with a glut or excess in the market, farmers worry that prices will drop. The MFA has therefore stepped in to guarantee a reasonable return on the farmers’ produce, a representative of the Association told DVB.
“The MFA plans to buy paddy from all farmers at a rate of 350,000 kyat per hundred baskets, and to preserve a percentage as spare rations for the nation,” said MFA Chairman Dr Soe Htun.
In addition, the Myanmar Rice Federation and Myanmar Agribusiness Public Corporation will send local representatives to rice farms to moderate and buy billions of kyats worth of paddy, he said.
Soe Htun warned farmers to harvest the paddy systematically and keep it protected from damp, otherwise it would be exempt from purchase.