Dhaka, April 26: With harvesting picking up and supply of new stock increasing on the market, price of paddy has started falling, market sources said.
Learning from farmers that yield of paddy has been very much satisfactory this year, market observers predict that price will continue to falling in the coming weeks.
At Abadpukur Bazar in northern Naogaon district on Tuesday, per maund or 37.3-kg of new stock od paddy of Jira-Miniket variety sold between Tk 800 and Tk 810.
In Naogaon and other major northern rice producing districts, new stock of paddy of boro varieties started arriving in the market just a week ago with Jira-Miniket price selling Tk 900 per maund.
As harvest had picked up, price of new stock of Jira-Miniket has dropped by Tk 100 per maund, said Belal Paikar, an Abadpukur trader. 'There is report in the market that farmers are having a very good yield in early harvesting. Hence a further fall on paddy price is rational as supply will increase.'
At Abadpukur, midium grade and new stock of Parija-Paijam variety paddy sold on Tuesday between Tk 650 and Tk 660 with the price remaining almost the same over the week.
At Ashunagj on Tuesday, coarse Hira verity of paddy was traded between Tk 520 and Tk 550 [per maund of 40-kg] while medium grade BR-28 sold between Tk 660 and Tk 680.
'Price trend is mixed here as increased supply has pushed down the price of coarse variety rice by Tk 20-30 per maund in a week,' said Shanjoy Mohajon, a trader.
Shaheen Mia, another Abadpukur trader, observed that fall in the price of coarse paddy will be at lesser rates compared to that for the finer varieties of paddy. 'Framers have cultivated more land for finer varieties as their demand and price have been increasing sharply in recent years.'
Ashabuddin Mia, a trader at Kathpatto in Munshiganj, near Dhaka, said their market stated seeing arrivals of new stock of boro for the last four or five days. At Kathpatti medium grade BR-28 variety of paddy price was Tk 650 but on Tuesday it declined to Tk 630.
Widespread harvesting of Boro, which accounts for nearly two-thirds of the country's rice output, starts after mid-April and continues till the end of June.
Decline in Boro production last year, because of damage to Haor crops and comparatively low yields in many other major rice-producing districts, resulted in a sharp and continuous rise in rice prices after the last Boro season.
The government claimed that the production target of 1.85 crore tonnes of Boro rice was achieved in 2009-10 fiscal year, but agro-economists and market observers said that production loss was 5 to 10 lakh tonnes. Extensive damage to crops in Haors and lower yields in many areas of the country last year caused a decline in output.
The government targeted cultivation of Boro on 47.20 lakh hectares but its revised estimate shows that the planted area increased to 49 lakh hectares. Boro output is estimated at 1.86 crore tonnes for the current 2010-2011 fiscal year.
Officials at the agriculture ministry said that they had received reports on the good condition of the standing Boro crop across the country and they hoped for a bumper harvest if nothing untoward takes place in terms of weather.
Source: New Age
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