Wheat prices up in local markets

FE Team | Published: July 04, 2007 00:00:00 | Updated: February 01, 2018 00:00:00

FE Report
Prices of wheat in the local markets have gone up due to price hike of the item in the international markets and suspected hoarding by a section of traders.
Talking to the FE a number of Dhaka based wheat millers said the prices of wheat have gone up in the local markets over the last 15 days.
They said at the wholesale level, the superior variety of wheat was selling between Tk 750 and Tk 780 per maund compared with its previous rates Tk 640 and Tk 650 per maund.
Similarly, at the wholesale level, 75-kg bag of coarse flour was selling between Tk 1800 and Tk 1900 compared with its previous rate of Tk 1600.
Traders said at the wholesale level, flour was selling at Tk 2000 per 75-kg bag compared with its previous rate at Tk 1700.
At the retail level price of coarse flour has gone up by Tk 2.0 per kg following the price hike of the item at the wholesale level, traders said. At the retail level, packaged coarse flour was selling at Tk 27 per kg compared with its previous rate at Tk 25 per kg, traders added.
"The importers those who made brisk business stockpiling sugar and edible oil earlier, are now hoarding wheat to make windfall profit especially during the ensuing Ramadan," said a miller in Dhaka.
He said the unscrupulous importers have lost their interest on stockpiling of edible oil and sugar due to less profit and strong market surveillance by the members of the law enforcing agencies.
According to the statistics from the Ministry of Food and Disaster Management a total of 0.650 million tonnes of wheat was locally harvested until April of the current year.
During this period, a total of 1.45 million tonnes of wheat were imported in the country, sources in the ministry concerned said. In 2006-07 the demand of wheat in the country was estimated at 2.80 million tonnes.
According to the statistics from the ministry concerned it is noticed that in 2005-06 fiscal 0.738 million tonnes of wheat were locally produced and 2.147 million tonnes were imported to meet the local demand.