The Government will speed up wheat imports is building its State reserves, taking advantage of the crisis of world prices, a top procurement official said Friday, Reuters reports.
"This is the right time to buy wheat when global prices slipped greatly go," said Mohammad Badrul Hassan, Director (procurement) of the Directorate-General for food.
Earlier this week, the State grain buyer issued an international tender, 50,000 tons of wheat, to buy his fourth for staple in the fiscal year, which began in July.
"Issues in the next few weeks, buy two or three offers, wheat," he said, adding quotes, that the Government is currently no plan to float for rice.
The State grain buyers to import 900,000 tons of wheat plans in June 2012. For 50,000 tonnes of wheat in each offer.
Their latest offering for wheat, which on 10 October moved a lowest bid of $274.1 per tonne, including CIF (cost, insurance, freight) liner out, significantly less than previous purchases at $329.11 and $309.11.
Chicago wheat of futures, which are global benchmark, dropped since early September to 16 percent.
"Currently we have 230,000 240,000 tons of wheat in reserves while we let go every month for welfare programmes and cheap sell 20,000 30,000 tons of grain," the official said.
"So, we need our wheat stocks boost, if our rice reserve is very good and the price on the world market because of Thailand intervention."
Rice stocks to the Government stocks are staple at 1.27 million tonnes, a year, increased last year strong imports and record rice harvest almost twice.
Rice is the staple food for Bangladesh 160 million people rises during wheat consumption, almost one million tonnes have stagnant domestic production.
Apart from tendering, the Government is importing 100,000 tons of wheat from the Ukraine to $320 per tonne, including CIF, in the first Government-to-Government wheat deal with Kiev.
Source: thefinancialexpress-bd.com
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