Second crop of paddy prices up to $3,300 per bag - GRDB

Second crop of paddy prices up to $3,300 per bag – GRDB

Oct 17, 2017 News

Rice farmers are receiving good prices this crop.

The second crop paddy prices have risen, GRDB says.

According to the Guyana Rice Development Board (GRDB), for the second crop, the average price range for paddy is $32,130 to $46,140 per metric tonne.
This works out between $2,089 to $3,300 per bag.
GRDB said that it noticed the upward trend in paddy prices at the commencement of the harvesting. New markets are impacting positively on the industry.
“The prices being paid this crop are due to the availability of new markets –Mexico and Cuba— the government contract with Panama and demand by exporters to fulfill their contracts.”
The entity, which regulates the rice industry in Guyana, said that from its records, Region Two (Essequibo Coast) is normally paid the lowest price. However, things are better for farmers this crop, after a grueling couple of years.
“This crop, we have seen significant increases in that region…Regions Four and Five are being paid the highest price per metric tonne in the country.”
However, GRDB warned that despite the good prices, it has noticed that a number of millers are not paying according to the grade of paddy- as they have one price for all of the grades.
“GRDB wishes to remind millers that despite the increased prices being paid at present, all certification of paddy must be done in accordance with the Rice Factories Act. Prices set by millers are determined by a number of factors including the demand, the availability of markets and the world market price.”
The entity pointed out that the price farmers receive is based on the grade of the paddy.
“The Guyana Rice Development Board is advising farmers to sell paddy only to the mills that are licensed for 2017.”
In an advertisement Sunday published in Kaieteur News, GRDB released the names of millers who have been licensed.
In Region Two, 13 mills are licensed while Region Three (West Demerara/Essequibo Islands) has nine facilities.
For Regions Four and Five, there are 12 mills licensed with 13 in the East Berbice area.
That makes it a total of 47 mills in the country licensed to buy paddy.
The rice industry is one of the biggest employers in Guyana and stands with gold and sugar as the biggest foreign currency earners in Guyana.

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