DHAKA: After a long time, the price index of wheat is marked by an upward trend in the international market as bad weather affected its production in the USA and Ukraine.

Quoting the USA officials concerned, Agrimoney, a price monitoring agency, said the prices of wheat in Chicago market have shot up.

Bangladesh largely depends on imported wheat. Locally produced wheat meets 20 percent of the country’s total demand.

The production cost of domestic wheat is higher than the value of imported wheat. Besides, the local wheat will be available in the market after several months. In such a situation, there is a chance of hike of wheat price in the local market.

Arun Sarker, a wholesaler of Khatunganj in Chittagong, said “Wheat imported from Ukraine was selling at Tk 650, Canada Tk 840 and India Tk 850 per maund on Wednesday.

He also said, “The prices of all kinds of wheat increased by Tk10 per maund on that day. If the situation continues, local market of wheat is sure to be affected.”

As per price chart of Chicago Board of Trade (CBOT), supply price of wheat was fixed at 5 dollar 10 cent per bushel, indicating price rise by 3 percent per bushel. On Sunday, wheat was sold at 5 dollar 12 cent per bushel.

It is learnt from a brokerage house of Tokyo that the dry weather is very alarming for wheat market.

If the weather continues in plain lands in the USA, the wheat price may shoot up to 5 dollar 20 cent per bushel. Besides, similar weather is sweeping over Russia which is one of the top wheat exporters.

BDST: 0840 HRS, OCT 29, 2015
SR