Japan to trim domestic wheat prices by 0.6% from April
TOKYO, March 8 (Reuters) – Japan will reduce the rate at which it sells imported wheat to domestic flour mills from April by an average 0.6% to reflect softer import prices, the farm ministry said on Thursday.
This marks the government’s second consecutive drop in prices, reflecting weaker international wheat prices. Japan buys five types of milling wheat from the United States, Canada and Australia through import tenders and sells to domestic millers at prices set twice a year.
The average purchase price of imported wheat remained relatively stable over the last six months, supported by good harvest in major wheat-producing countries and diminished concerns about supply disruptions from Ukraine, the ministry said.
For the six months starting April 1, the ministry’s wheat selling price to local millers will average 67,810 yen ($459) per metric ton, down from 68,240 yen the previous six months.
Imports account for more than 80% of Japan’s total wheat demand.
Source Link: https://www.nasdaq.com/articles/japan-to-trim-domestic-wheat-prices-by-0.6-from-april
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