The Ministry of Agriculture, Forestry and Fisheries announced on the 25th that the average price of rice sold at about 1,000 supermarkets nationwide between the 14th and 20th was 2,934 yen per 5 kilograms, 37 yen lower than the previous week. This marks the sixth consecutive week of decline. The average price of branded rice, which accounts for 82 percent of sales volume, fell 22 yen to 2,966 yen, while blended rice dropped 83 yen to 2,783 yen. At a press conference after the Cabinet meeting on the 25th, Agriculture Minister Kazuo Yanagi stressed that rice prices are on a downward trend and said, "We must firmly stabilize the balance of supply and demand." Private inventories are significantly above typical levels, and price cuts driven by easing supply and demand are occurring one after another.
Rice prices fell for a sixth straight week as private inventories sit well above typical levels, easing supply-demand balance and pressuring rough rice futures.
