Rice floods capital as dist traders fear jt force raid

Rice traders forecast a sharp fall in rice price soon as the hoarders in the country's northern part have started supplying a huge quantity of rice to the city's wholesalers fearing raids by joint forces.
Meanwhile, the price of coarse rice fell by Tk 15-25 per maund in the wholesale market yesterday while it remained stable in the retail market after witnessing a slight rise at the end of last week.
Coarse rice was sold at Tk 30-31 per kg in the retail market yesterday.
Joint forces in a drive on Tuesday seized about 500 tonnes of rice in Chuadanga and arrested some hoarders. However, they were released later and given back the rice on condition of selling those at Tk 26 per kg in the market.
“As the news of the arrest of the hoarders and the seizure of rice in Chuadanga spread, hoarders from different parts of the country begin sending rice asking us to sell those first and pay them later,” said a wholesaler at Babu Bazar in the capital.
He said truckloads of rice had started reaching various wholesale markets including Babu Bazar, Badamtoli, and Mohammadpur Krishi Market since yesterday morning.
“It will be difficult for us to preserve a huge quantity of rice,” he added.
The traders fear that if the rice price falls sharply, they have to incur losses.
“Sudden fall in rice price might result in a sharp price hike after a few days,” said a trader at Badamtoli wishing anonymity.
Meanwhile, supply of Indian Swarna rice remains adequate in the city's wholesale markets. However, the price of fine rice is yet to go down significantly. It was sold at Tk 38-45 per kg in the capital's retail markets yesterday.
Our Staff Correspondent from Bogra reports: members of joint forces held a meeting with rice traders and asked them not to hoard rice. Traders in Chuadanga are supplying a huge quantity of rice to different districts including Dhaka.
Our Correspondent from Dinajpur reports: Joint forces at a view-exchange meeting at Dinajpur Army Camp yesterday asked the journalists to inform them if they have any information about hoarding of rice.