The Ministry of Agriculture, Forestry and Fisheries announced on the 9th that the price at which it sells government-purchased imported wheat to flour millers will be raised by 12.0% for the six months starting in October, to 70,020 yen per ton, compared with the previous six months starting in April. The increase is attributed to higher ocean freight and international market prices, as well as the yen's depreciation. The selling price is revised every April and October, and this is the second consecutive increase. It is the first time in seven periods that the price has exceeded 70,000 yen, since the April-September 2023 period when it hit a record high of 76,750 yen due to a surge in international prices following Russia's invasion of Ukraine.
Yen depreciation is cited as a factor in the price increase, indicating yen weakness.
Higher selling price for imported wheat reflects higher international prices and freight, indicating tighter supply or higher costs.
