Wheat has become slightly cheaper in the port city’s Khatunganj wholesale market following fluctuations in the prices of the staple in recent months.
However, the prices of flour and atta in retail shops have increased instead of going down.
Wheat prices have been falling for the past one and a half years in the world market.
Wheat was sold in Khatunganj at Tk 35.36 per kg in July. In August, it rose to Tk 39.38. At the start of this month, the price dropped by Tk 2.41 to Tk 36.97. After another week, wheat now sells at Tk 36.57 per kg.
Chaktai-Khatunganj Wholesale Traders’ Association General Secretary Mohiuddin said the booking rate of wheat in the world market has been falling for a long time. That is why imports and supply in Khatunganj are good.
“Prices rose a little in between, but now they are falling again. I expect prices to fall further in the coming days,” he told TIMES of Bangladesh.
Despite normal wheat imports, increased supply, and price decline at Khatunganj, the retail prices of atta and flour have not dropped. In fact, they have increased in the last month.
Nizam Uddin, owner of Family Shop Store in Halishahar, said, “Ten days ago, I sold loose atta at Tk 42 per kg. Now, it’s Tk 48-50. A 2-kg packet of atta used to sell for Tk 90, now it’s Tk 100.”
“Loose flour has gone up by Tk 5 to Tk 55 per kg, and the 2-kg flour packet has risen by Tk 10 to Tk 140. Since we buy at higher prices, we have to sell at higher rates.”
On February 5 and 13 this year, two ships brought 102,200 tonnes of wheat from Argentina to Chattogram port. Another 632,422 tonnes were imported through the port in July and August.
Russia and Ukraine are the world’s top wheat producers. After Russia’s full-scale attack on Ukraine on February 24, 2022, wheat prices in the world market hit record highs.
As a result, booking rates were very high in 2022 and 2023.
Later, Russia and Ukraine reached an agreement, thanks to massive UN and international efforts. Booking rates then came down.
Since 2024, global wheat prices have been falling. In January 2024, importers had to pay $283 per tonne of wheat. In February, the price dropped to $278, and $274 in March. By December, it fell further to $252 per tonne.
