Japan Sells 70,336 Tons of Stockpiled Rice in 2nd Auction
The Japanese agriculture ministry announced the sale of 70,336 tons of stockpiled rice in its second auction, held from March 26 to 28. Four bidders purchased the rice at a weighted average price of 20,722 yen per 60 kilograms. Agriculture Minister Taku Eto expressed hope that this move will stabilize rice prices and resolve distribution bottlenecks. He also indicated readiness for a third auction if necessary. Combined with the first auction, a total of 212,132 tons have been sold to eight buyers at an average price of 21,053 yen per 60 kilograms.
Tokyo : The Japanese agriculture ministry said Tuesday that it has sold 70,336 tons of stockpiled rice in its second auction conducted from Wednesday through Friday.
Four bidders bought the rice at a weighted average price of 20,722 yen per 60 kilograms.
“We expect to see rice prices settle and distribution bottlenecks resolved,” agriculture minister Taku Eto said in a press conference.
He added, “We would not hesitate to hold a third auction if necessary.”
In the first and second auctions combined, 212,132 tons of stockpiled rice was sold to eight buyers at an average price of 21,053 yen per 60 kilograms.
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Source : Nippon.com
