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An intelligence agency has sounded the alarm over possible post-season rice- market instability across the country as millers and their allied traders have started buying paddy in large volumes with the beginning of Boro harvesting.
The Special Branch (SB) recently sent a report on rice/paddy procurement during the ongoing Boro season to the commerce ministry.
Besides, the agriculture ministry also submitted some recommendations in this regard.
The SB report suggested the Department of Agricultural Marketing (DAM) take necessary measures to strictly monitor the illegal and fraudulent hoarding or syndication of agricultural products.
"Post-season rice market is likely to be unstable as mill owners, corporate traders, and seasonal traders compete to purchase rice for storage as the season begins," it said.
It recommended encouraging farmers to raise the target of paddy procurement and increase the government stock by purchasing paddy directly from farmers at the beginning of the season.
Moreover, it suggested strengthening food security, determining the procurement price by evaluating the production cost of rice and rice procurement in government warehouses, and ensuring reasonable profit for farmers.
A commerce ministry official said the government is regularly monitoring the rice/paddy market for the sake of keeping it stable.
On the other hand, there is a huge stock and the rice supply chain remains uninterrupted in the country, he said.
Rice prices declined slightly last week and had remained much higher since the last Aman season.
The Department of Agricultural Extension (DAE) said Boro harvest is currently at its peak, with over 50 per cent of the harvest already completed.
It is expecting a bumper production of around 22 million tonnes of rice this Boro season.
The SB suggested increasing the capacity of government warehouses, including keeping purchasing records of paddy and rice by mill owners and corporate traders, and monitoring whether there is a shortage of rice supply in the market.
It also suggested making separates licences mandatory for everyone involved in rice business, including wholesalers, traders, millers, and dealers, and ensuring mandatory display of valid receipts at all levels by traders concerned.
When asked, a senior food ministry official said there is no reason for a sudden rice price hike in the future.
Mentioning that a section of unscrupulous traders may have hoarded rice, he said the government should strengthen monitoring to keep the market stable.
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