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Corn price soars in country

  • Staff Correspondent
  • 6 November, 2022 12:00 AM
  • Print news
Corn price soars in country

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The price of corn has continued to increase in the country, reflecting the higher prices in the international markets.

A USDA report on "Grain and Feed Update for Bangladesh" revealed the information.

In October 2022, the wholesale and retail prices of corn reached BDT 32.9 ($0.31) and BDT 34.5 ($0.33) per kilogram, respectively, their highest levels since 2016, said the report.

The wholesale and retail prices of corn in October 2022 were approximately 21 percent and 33 percent higher, respectively, as compared to the same period last year, it said.

Department of Agriculture Marketing (DAM) trade posts for the marketing year (MY) 2022–2023 corn import forecast remain unchanged at 2.2 million metric tonnes, the same as the USDA official forecast.

Corn is the major ingredient used in the feed industry. According to the industry, the average annual demand for corn in Bangladesh is around 7.5 million MT; domestic production meets approximately 65 percent of total demand.

For MY 2021/22, the post estimates corn imports at 1.95 million MT, the same as the USDA official estimate. MY 2021/22 corn imports decreased by 20 percent from the previous year due to high prices and reduced demand from the animal feed industry.

In the marketing year and trade year 2021/22, Bangladesh imported 83 and 73 percent of corn from India, respectively, followed by Brazil and Argentina.

Importers look to India due to its geographic proximity, cheaper transportation and logistics, and shorter shipment time.