Japan to raise wheat import prices due to higher wheat prices

TOKYO, March 2 — Japan will raise its sales prices for imported wheat by 3.5 percent from April, due to an increase in freight costs and global wheat prices as well as a weakening yen, informed sources said.

The agriculture ministry will set the weighted average selling prices for five varieties at 54,370 yen a metric ton ($513 per metric ton). It will make an announcement on March 6.

Japan is one of the largest wheat importing country, with 90 percent of 6 million metric tons of annual consumption coming from overseas, mainly the U.S., Canada and Australia.

The agriculture ministry exclusively imports and resells the imported wheat to domestic flour millers at a fixed price, which can be revised twice a year.

Its selling price is based on the average import cost over the previous six months.

The average sales price of hard and semi-hard wheat, which is mainly used for bread and Chinese noodles, will be sold at 55,440 yen a metric ton, up 3.4 percent from the current price.

The average resale price of soft wheat, which is mainly used for cakes and Japanese udon noodles, will be sold at 51,980 yen per metric ton, up 3.5 percent from the current price.

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