Japan Prolongs Sales Timeline for Accumulated Rice Reservoirs
Japan Extends Deadline for Selling Government-Stockpiled Rice
In a bid to address slow deliveries and logistical challenges, the Japanese agriculture ministry has extended the deadline for selling government-stockpiled rice. The initial deadline was set for the end of August, but due to difficulties retailers are facing in selling all the rice they applied to sell, the ministry has decided to allow retailers to continue selling the stockpiled rice beyond September.
A total of about 500,000 tons of government-stockpiled rice will be released. As of Aug. 10, only 107,130 tons of government-stockpiled rice have been sold, leaving approximately 292,870 tons yet to be distributed. Retailers have applied to sell about 300,000 tons of government-stockpiled rice.
The extension aims to prevent the stockpiled rice's low prices from affecting new rice prices and supply-demand balance, especially as newly harvested rice is about to enter the market in autumn. The ministry indicated that the price impact on premium single-origin brand rice would be limited despite this extension.
It is worth noting that the release of government-stockpiled rice will be under no-bid contracts. The ministry stopped accepting new applications for stockpiled rice on the same day they extended the delivery deadline.
The ministry is urging businesses to sell the rice within a month of delivery to prevent any potential impact on the market for newly harvested rice. The details of the decision to extend the deadline for selling government-stockpiled rice will be announced soon.
This extension is in line with the ministry's efforts to stabilize the rice market and ensure a smooth transition from the stockpiled rice to the new rice harvest.
References
- Nikkei Asia
- Reuters
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