Japan prolongs the deadline for selling stockpiled rice reserves
Japan Extends Deadline for Selling Government-Stockpiled Rice
The Japanese Ministry of Agriculture, Forestry and Fisheries has announced an extension of the deadline for selling government-stockpiled rice. The decision was made due to slow deliveries and sales of the rice, which has made it challenging to meet the original deadline.
As of the extension notice, around 180,000 tons of the contracted stockpiled rice have been sold and delivered. However, approximately 100,000 tons remain undelivered, prompting the ministry to take action.
Initially, the deadline for selling the stockpiled rice was set for the end of August to prevent low-priced stockpiled rice from disrupting the supply-demand balance and prices of the new rice harvest expected in autumn. The extension aims to ensure all contracted rice is sold out soon after delivery.
The ministry has stopped accepting new applications for the stockpiled rice sales on the extended deadline day. The remaining stockpiled rice to be sold is about 292,870 tons (300,000 tons - 107,130 tons).
Despite the extension, officials believe the impact on the rice market will be limited since single-origin brand rice prices remain high. The extension allows retailers to continue selling stockpiled rice in September and beyond.
It's important to note that the extension applies to the stockpiled rice that was not sold by the end of August. The remaining stockpiled rice will be released under discretionary contracts.
Additionally, approximately 500,000 tons of government-stockpiled rice will be released under no-bid contracts. The ministry will announce the details of the extension decision soon.
The announcement was made by the Jiji Press. The extension of the deadline does not affect the sale of newly harvested rice.
This extension is necessary due to the slow sales of the stockpiled rice and slow deliveries from the government. The ministry hopes that this decision will help maintain market stability ahead of the new rice harvest.
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