Rice prices fall on wholesale market

Rice prices on retail markets of the capital did not drop despite the fall of prices on wholesale markets yesterday following market monitoring drives by joint forces.
The wholesale price yesterday came down by Tk 20 to Tk 50 per maund (37.32 kg) -- a total decrease of Tk 30 to Tk 75 per maund in last couple of days. Each maund of coarse rice was selling at Tk 940 to Tk 1000 whereas the same was sold for Tk 970 to Tk 1020 on Wednesday.
However, the price of fine rice, that reached its peak three weeks back, was stable.
The retailers in the city markets said they are expecting a fall in prices of all sorts of rice on the retail markets if the price continues its falling trend on the wholesale markets for couple more days.
At the retail markets yesterday, a kg of coarse rice was selling at Tk 30 to Tk 31, while fine rice was Tk 36 to Tk 44.
Wholesalers at Babubazar and Badamtoli said the joint forces took written statements from most of the wholesalers about the rice in stock and the current and previous rates of purchase and sale.
Supply of rice from the rice-producing northern districts continued to come in throughout yesterday, causing storage space shortage, said the wholesalers.
"We are worried over the raids of the joint forces and the shrinking demands," said manager of a wholesale rice agency at Babubazar, one of the largest wholesale markets in old part of the city.
He said they are now trying to sell the rice at reduced prices to small wholesalers and retailers without even taking any advance payment. "As a result, we, the wholesalers, are running the risk of incurring losses."
Abdur Rahman, of Rahman Traders, a wholesaler at Karwan Bazar, said three wholesalers called him several times over phone, offering a few truckloads of rice at a price that is Tk 30 lower than the usual price of each maund. They even offered taking off the transport fare, he added.
Sale of rice at Open Market Sales (OMS) shops and BDR outlets continued at Tk 25 per kg. Retailers said the sale of coarse rice came down while the sale of fine rice remained unchanged.