The Ministry of Agriculture, Forestry and Fisheries announced on the 2nd that the average price of rice sold at about 1,000 supermarkets nationwide between September 21 and 27 was 2,926 yen per 5 kilograms, down 8 yen from the previous week. This marks the seventh consecutive week of decline. The average price of branded rice, which accounts for 84% of sales volume, fell 18 yen to 2,948 yen, while blended rice rose 22 yen to 2,805 yen. Private inventories at the end of August stood at 1.5 million tons, piling up to a record high for that time of year. Normally this is the period when inventories are at their lowest ahead of the full distribution of new rice, but this year a large amount of rice from the previous year's crop has been carried over, and a significant easing of supply and demand continues.
Record-high private rice inventories and ample carryover signal a significant easing of supply and demand, pressuring rough rice futures lower.
