Consumption of wheat to rise
Wheat consumption for food, seed and industrial use is likely to increase from higher imports and a rebound in demand for flour for a fall in its prices, forecasts the US Department of Agriculture (USDA).
Overall consumption may reach 68 lakh tonnes in the marketing year of 2023-24 beginning in July, up 5 percent from its previous forecast, said the agency in a report on Bangladesh last week.
The USDA said its wheat consumption estimates for Bangladesh in fiscal year 2022-23 was 16 percent lower year-on-year as high local prices and lower imports affected household consumption of flour, called "aata" and "maida" in Bangla.
"Due to the high price of wheat, Bangladesh's feed industry reduced rations last marketing year," it said, adding that all types of wheat flour prices have declined gradually since last February, after reaching a record high in the preceding month.
The agency revised upward its forecasts regarding wheat production in Bangladesh to 11 lakh tonnes, anticipating that farmers would retain their acreage in marketing year 2023-24 for receiving good prices in the previous year.
Comments