GRDB says paddy prices have risen for 2nd crop

Paddy prices have risen for the second crop of 2017, according to a press release yesterday from the Guyana Rice Development Board (GRDB).

The average price range for paddy for the current crop is $32,130 to $46,140 per metric tonne ($2,089 to $3,300 per bag), it said. The GRDB did not give the comparable figure for the previous crop.

The GRDB said that it noticed the upward trend in paddy prices at the start of the harvesting. It said that the paddy prices being paid this crop are due to the availability of new markets in Mexico, Cuba and the government-to- government contract with Panama.

The GRDB said that records reveal that Region 2 is normally paid the lowest price.

“This crop we have seen significant increases in that region.

While Regions 4 and 5 are being paid the highest price per metric tonne in the country”, the GRDB said without providing the figures.

In spite of the increase in prices, the GRDB said that it 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 statement said.

It noted that the price that 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.

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