Staff Correspondent, The Daily Star, 24 May 2008

 

 

 

Rice prices in the city’s wholesale markets came down by Tk 20 per maund yesterday.
Wholesalers said prices may not spike again in the coming days. The price fall, however, did not trickle into the retail markets.

The price of Parija, a mid-quality fine rice that was sold at Tk 1,180 to Tk 1,200 per maund (37.32 kg) Thursday, was sold for between Tk 1,160 to Tk 1,180 a maund yesterday.

A maund of BR-28 (Lata) rice, also a medium-quality fine rice, was selling at Tk 1,150 to Tk 1,160 on the wholesale market yesterday. This variety was sold for Tk 1,170 to 1,180 per maund a day ago.

Irri, a coarse rice, was being sold for Tk 1,060 to Tk 1,070 a maund yesterday which was sold for Tk 1,080 to Tk 1,090 a day ago.

A maund of fine-variety Miniket rice was selling at Tk 1,390 to Tk 1,410 yesterday. It was sold at Tk 1,410 to Tk 1,430 Thursday.

The general secretary of Badamtali-Babubazar rice wholesale market in the city, Nizam Uddin, attributed the price fall to increased supply and decreased sale.

“Sales dropped as many people purchased paddy when Boro harvest started to enter the market. Many city residents also bring rice from their village homes, while a good number of labourers went back to their villages during the harvest”, he said.

Masud Rana, manager of Ekata Rice Agency at Mohammadpur Krishi Market in the city who is now in Kushtia to procure rice, told The Daily Star over the phone that many farmers who stockpiled rice in order to sell it at high prices started to sell their produce as prices remained stable for the past few days.

The wholesale price of rice also came down by Tk 15-20 per maund in Kushtia markets yesterday, he said noting that prices have been decreasing for the last two days.

Prices of coarse-rice varieties reached Tk 1,300 and fine-rice varieties Tk 1,650 per maund in the first week of April. Prices started to come down from late April as Boro rice began to enter the city markets.

Prices, however, saw a fresh hike after May 10 as farmers, hoarders and businessmen started to stockpile rice with the hope that prices would hike again. The government’s rice-collection programme also worked behind the price hike at the time.

Rice wholesalers said prices usually witness a fall during this period every year as the harvest ends by this time. This year, however, has been an exception as the price is now between Tk 1,060 to Tk 1,410 a maund despite having a bumper production.

They said the minimum prices of rice in city markets were between Tk 680 to Tk 870 per maund in May last year.

Pias Costa, director general of the food directorate, told The Daily Star that they would collect 12 lakh tonnes of rice and 3 lakh tonnes of paddy within August 30, adding that 1.25 lakh tonnes of rice have so far been collected.

Food-directorate officials said this year the projected Boro rice production is 1.75 crore tonnes. Last year, it was 1.45 crore tonnes.

They said the government will import 5 lakh tonnes of rice from India this year; as of last week, it has so far imported only 80,000 tonnes. The remaining consignments will be imported in two-three months.