The average selling price of rice rose for the first time in 7 weeks. It was ¥3,220 per 5 kg at approximately 1,000 supermarkets nationwide, up ¥22 from the previous week. However, private-sector inventories have reached 2.43 million tonnes, among the highest levels ever recorded, leaving continued uncertainty over the supply-demand outlook.
The average selling price of rice rose for the first time in 7 weeks, reaching ¥3,220 per 5 kg at approximately 1,000 supermarkets nationwide during the week through the 9th of this month. This was an increase of ¥22 from the previous week.
Private-sector rice inventories reached 2.43 million tonnes, the highest level ever recorded. A July survey by a rice industry organization found that the index indicating price expectations for the next three months had fallen to a record low.
With the period of full-scale shipments of new-crop rice approaching, some observers believe that downward price pressure is prevailing, but uncertainty over supply and demand remains.
The government and market participants had been considering buying back reserve rice, but reports indicate that the plan has been abandoned. Attention is now focused on future reserve strategies and developments in market intervention.