Arrival of imported wheat has little effect on mkts

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Our Correspondent
CHITTAGONG, Sept 14: Despite the arrival of huge consignments of imported wheat at the Chittagong Port (CP), its supply to the markets is not adequate.
As some strong syndicates of importers with the evil motive of earning more profit in illegal manner are refraining from supplying the wheat sufficiently, an unstable condition persists in the markets.
It is true that the price of wheat had increased in the international market recently. However, the wheat hoarded in the godowns of the importers and those in the pipeline belong to low-priced category. When the booking rate of wheat was lower, LCs were opened for import at that time.
As the price of wheat has increased in the international market, the importers want to use this was an excuse to sell it at an enhanced rate. This is why they are not supplying wheat to the wholesale markets as per the requirements.
Some importers have supplied a small quantity of wheat to the markets and as such price is increasing in the Khatunganj market gradually.
Price of a maund of wheat was Tk 880 last week and rose to Tk 940 this week. Canadian and Russian wheat are being sold at between Tk 935 and Tk 915 respectively.