Imported wheat prices up for 1st time in 2 yrs

March 8, 2017

TOKYO- Japan’s agriculture ministry said Tuesday it will raise the prices of imported wheat sold to the private sector by 4.6 pct on April 1, the first hike in two years.

The weighted average price of five imported wheat brands will go up to 50,690 yen per ton from 48,470 yen at present.

The decision reflects rises in prices of wheat to make flour for bread, due to bad weather in Canada, a major producer, in the harvest season.

Also on the back of the price hike decision were the yen’s depreciation and rises in ocean freight fees amid higher crude oil prices.

The government exclusively imports foreign wheat and sells it to the private sector, including milling companies, with the prices reviewed in April and October every year.

Two years ago, the weighted average price stood at about 60,000 yen.

The price declined sharply in the three rounds of reviews later, partly because of the yen’s appreciation. Jiji Press