Wed Jul 19, 2023 12:00 AM Last update on: Wed Jul 19, 2023 12:41 AM
Russia’s exit from the Black Sea grain deal has started affecting the wholesale prices of wheat in Bangladesh, but the local retail markets are yet to feel any impact of it.
Low-grade wheat was sold at Tk 1,570 to Tk 1,600 a maund yesterday, up by Tk 20-30 a maund than the rates a day ago at Khatunganj, one of the largest commodity wholesale markets in Bangladesh’s Chattogram.
The same price hike was seen in case of the prices of upper-grade wheat, which was sold at Tk 1,980 a maund, according to the traders.
Local importers considered the development a matter of concern, as Bangladesh is the world’s third biggest importer of wheat from Ukraine. Bangladesh meets 40 per cent of its wheat demand with Russian and Ukrainian varieties.
Monwar Hossain, a retailer of Karwan Bazar, also said the retail wheat prices in the prime kitchen market of the capital are still the same as Monday’s, but the wholesale rates have hiked a bit.
However, the traders at Nitaiganj Wholesale Market—another important and old hub of essential commodities located in Narayanganj—said both the wholesale and retail prices of wheat are still unchanged at the market.
Wheat imports from the two eastern European countries stopped after the start of the Russia-Ukraine war in late February of 2022.
Bangladesh’s annual demand for wheat is 70 lakh to 75 lakh tonnes, around 85 per cent of which is met through imports.