Rice prices drop as Boro harvest begins

Rice prices have begun to fall as farmers started harvesting Boro paddy in various parts of the country.

Rice prices remained volatile over the last several months.

“If Boro paddy can be harvested without facing any adverse weather conditions, the country will see a bumper rice production this year,” said AKM Monirul Alam, director of Field Service Wing at the Department of Agriculture Extension (DAE).

He said 56 percent of boro paddy has already been harvested while the harvest has been completed in seven districts including haor and adjacent areas. Boro harvest will be completed by May.

This year, the production of hybrid boro paddy stood at 4.5 tonnes per hectare and the yield of the regular one was 3.6 tonnes per hectare in the haor region, AKM Monirul Alam said.

Prices of all rice varieties have decreased in the kitchen market as the boro paddy started to hit the market.

Prices of fine, medium and coarse rice have decreased by 2.46, 0.94 and 2.13 per cent respectively in the capital in one week while 4.80, 6.25 and 6.12 per cent respectively in a month, according to Trading Corporation of Bangladesh (TCB) data.

Fine quality rice was selling at Tk 55-64 per kg on Sunday from 57-65 per kg a week earlier, medium-quality rice was selling at Tk 50-55 per kg from Tk 50-56 per kg a week earlier and coarse rice was selling at 44-48 per kg on Sunday from Tk 44-50 per kg a week ago, according to TCB data.

DEA Officials said the government has set a target to boost the country’s food stock through a bumper Boro harvesting.

Boro is grown from December to mid-March and harvest occurs from April to June. Boro accounts for more than 50 percent of the country's total rice production while Aush less than 10 per cent, according to Bangladesh Bureau of Statistics (BBS) data.

Crop losses in the last Aus and Aman season affected the country’s cereal production and stock, increasing rice price and forcing the government to import rice to stabilise the market.

Boro paddy has been cultivated in 48,38,500 hectares of land across the country.