Wheat prices record fall in local, int'l markets
Jasim Uddin Haroon | Monday, 2 June 2008
The wholesale prices of wheat have been falling sharply in the markets over the past one week due to fall in the prices of the same in the international markets. However, there has been no impact of the decline in prices on flour and confectionery items at the retail level.
Wheat traders at city's Moulvibazar and Khatoonganj in Chittagong said the prices of wheat fell by at least Tk 120 per maund over a period of last one week.
President of Moulvibazar Wholesale Traders Association Abdur Razzak said the prices of wheat have been falling over the past one week adding: "every day the prices of the item is falling."
Currently, the average price of wheat at the wholesale level is Tk 1000 per maund in Dhaka and Tk 940 in the port city.
But, the retail prices of flour and 'atta' have been maintaining the previous levels in the local retail markets.
As of Sunday, the prices of flour and 'atta' was at Tk 45 and Tk 43 respectively for each kilogram. Importers said the prices of wheat in the international market have been falling fast over the past couple of weeks.
Md Ali, Chairman of Imam Group, a leading wheat importer said the international prices of wheat are falling fast following a good harvest of the same in the wheat growing countries, including Brazil, Russia, the USA and India.
He said the prices of wheat dropped by around US$ 120 each tonne during the period.
"We are now purchasing wheat from Russia at $395 a tonne, which we had bought at $ 415 earlier," Mohammed Ali added.
There is, however, no impact of the sharp fall on the confectionery items.
While talking to the FE, President of Bangladesh Bakery and Confectionery Owners Association, Jalal Uddin Ahmed said prices of confectionery items might start coming down shortly.
"We are expecting the prices of confectionery items to fall following the decline in the prices of wheat in the market," Jalal added.
Currently, the prices of biscuit (sweet) are ranging between Tk 85 and Tk 300 each kg while biscuit (salty) between Tk 75 and Tk 350 each kg.
The prices of bread are ranging between Tk 20 and Tk 35 (800 gram).
The prices of bread and other bakery items soared even to 100 per cent due to the hike in prices of flour few months back.
Bangladesh requires around 4.0 million tonnes of wheat. It imports around 3.0 million tonnes and the rest is produced locally.
Wheat traders at city's Moulvibazar and Khatoonganj in Chittagong said the prices of wheat fell by at least Tk 120 per maund over a period of last one week.
President of Moulvibazar Wholesale Traders Association Abdur Razzak said the prices of wheat have been falling over the past one week adding: "every day the prices of the item is falling."
Currently, the average price of wheat at the wholesale level is Tk 1000 per maund in Dhaka and Tk 940 in the port city.
But, the retail prices of flour and 'atta' have been maintaining the previous levels in the local retail markets.
As of Sunday, the prices of flour and 'atta' was at Tk 45 and Tk 43 respectively for each kilogram. Importers said the prices of wheat in the international market have been falling fast over the past couple of weeks.
Md Ali, Chairman of Imam Group, a leading wheat importer said the international prices of wheat are falling fast following a good harvest of the same in the wheat growing countries, including Brazil, Russia, the USA and India.
He said the prices of wheat dropped by around US$ 120 each tonne during the period.
"We are now purchasing wheat from Russia at $395 a tonne, which we had bought at $ 415 earlier," Mohammed Ali added.
There is, however, no impact of the sharp fall on the confectionery items.
While talking to the FE, President of Bangladesh Bakery and Confectionery Owners Association, Jalal Uddin Ahmed said prices of confectionery items might start coming down shortly.
"We are expecting the prices of confectionery items to fall following the decline in the prices of wheat in the market," Jalal added.
Currently, the prices of biscuit (sweet) are ranging between Tk 85 and Tk 300 each kg while biscuit (salty) between Tk 75 and Tk 350 each kg.
The prices of bread are ranging between Tk 20 and Tk 35 (800 gram).
The prices of bread and other bakery items soared even to 100 per cent due to the hike in prices of flour few months back.
Bangladesh requires around 4.0 million tonnes of wheat. It imports around 3.0 million tonnes and the rest is produced locally.