On the eve of the Ukraine-Russia war, the price of soybean
oil rose to 100 US dollars per tonne on the world market. That price did not
last long, reaching the highest peak in history. Soybean oil prices plummeted
on Friday (February 25, 2022). In a single day, the price of soybean oil in the
world market has decreased by USD 140
per ton.
Before the start of the war, it used to cost USD 1,665 per tonne to bring soybean oil to Chittagong port. The next day the price rose to USD 1,700. The price rose to USD 1,800 on the day of the war. On Friday, the last day of the weekly transaction, the price dropped to USD 1,670. Similarly, palm oil dropped from USD 1,770 to 1,710. Besides, prices of essential commodities like wheat and sugar were also falling in the international market on Friday.
The market of Khatunganj was also upward with immediate effect due to increase in prices in the world market. Soybean and palm oil prices fell by Tk 150 per mound in the largest wholesale market on Saturday. The price of wheat has come down by one taka per kg.
Shahed-ul-Alam, a trader in Khatunganj wholesale market, said that it does not take long now to read the effect of world market price in Khatunganj. The price in Khatunganj also increased in the same way as the price increased in the international market. Prices have dropped here as well as in the world market. The effect of price increase and decrease is immediate on the products which meet the demand by importing from abroad.
Such ups and downs of some daily commodities in the world market or in the wholesale market of the country have occurred in the space of two-three days. If the world market is declining or stable then the retail market is not going to be affected much. In the country, soybean and palm oil are bottled by buyers at retail. Soybean oil was sold at a price set by the government in the retail market on Saturday, though prices were slightly lower in the wholesale market.
The excitement is
increasing and now it is decreasing
The Russia-Ukraine crisis with sugar has no effect. World sugar prices fell
1.13 percent on Thursday, the day Russia attacked Ukraine. Despite this, the
price of sugar went up in Khatunganj on the news of the war. The price of Tk 2
per kg increased to Tk 74.49.
According to the Chicago Board of Trade (CBOT), sugar traded at USD 408.51 per tonne on the world market on Wednesday, the day before the start of the war. On the day of the war and on Friday, the price dropped by USD 11.90 per tonne to USD 396.61 per tonne. Traders said prices have come down due to increased sugar production around the world.
Meanwhile, the price of sugar has come down in Khatunganj on Saturday like other products. The price of sugar has come down by Tk 30 per mound in the wholesale market. The sugar is sold at Tk 73.68 per kg.
|Source: Online/SZK
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