Jute prices plunge by Tk 600 per maund in two weeks in Narail

Jute prices have taken a sharp downturn in Narail, falling by Tk 500 to Tk 600 per maund in just two weeks, leaving farmers and small-scale traders worried about mounting financial losses.

Depending on quality, jute is now selling for Tk 4,700 to Tk 5,100 per maund in local wholesale markets. Traders believe the sudden decline is largely due to reluctance among jute mills to purchase raw jute.

Mithapur Hat in Naldhi Union of Lohagara upazila, one of the largest wholesale jute markets in the district, has witnessed a noticeable slowdown in trading.

The market operates twice a week, on Sundays and Wednesdays. On Wednesday, buyers and sellers began gathering there early in the morning, with farmers arriving in vehicles loaded with jute.

Typically, middlemen and traders quickly surround sellers, inspect the quality and negotiate prices, with hundreds of maunds changing hands within hours.

But the scene was different this week. Even as the day progressed, numerous vehicles loaded with unsold jute remained at the market. Many farmers were forced to wait for hours as buyers were unwilling to offer their expected prices.

Jute sold at the market on Wednesday for Tk 4,700 to Tk 5,100 per maund, depending on quality, marking a decline of Tk 500 to Tk 600 compared with prices two weeks earlier.

Farmers said jute prices were relatively low at the beginning of the season but later climbed to as high as Tk 5,600 per maund.

Expecting prices to remain high, many farmers and small traders had stored their produce instead of selling it immediately. The sudden market slump has now dashed their hopes of making a better profit, with some fearing losses.

Traders at Mithapur Hat also said prices had reached a seasonal high of Tk 5,600 per maund after a relatively weak start, raising expectations among growers.

According to the district agriculture department, jute was cultivated on 23,517 hectares of land in Narail this year, with a production target of 58,198 tonnes.

Other major jute trading centres in the district include Tularampur, Maijpara and Rupganj in Narail Sadar; Lahuria, Lohagara, Mithapur and Dighalia in Lohagara; and Kalia, Bardia and Naragati in Kalia upazila.

Meanwhile, farmers have raised concerns over alleged irregularities in the measurement of jute.

They said that although one maund is traditionally equivalent to 40 kilogrammes, some traders are calculating a maund as 42 kilogrammes in certain cases. As a result, farmers allegedly have to supply an additional two kilogrammes of jute for every maund without receiving any extra payment.

The falling prices, combined with the alleged measurement discrepancies, have added to the financial pressure on jute growers and small traders in the district.