Higher wheat prices see Japan hike wheat import price 3.5%

Japan's Ministry of Agriculture, Forestry and Fisheries (MAFF) announced Tuesday that it will increase its sale price for imported wheat to the private sector by 3.5% from April 1.

A rise in global wheat prices, freight rates, and a further depreciation of the yen against the dollar were behind the increase, the ministry said.

As a result, the weighted average selling price for the five varieties sold is JPY 54,370/mt ($513.25/mt), up 3.5% from the current price of JPY 52,510/mt.

About 90% of Japan's 6 million mt of annual wheat demand comes from overseas, with foreign wheat exclusively imported by the government and sold to the private sector at a fixed price which can be changed up to twice a year.

The government imports and sells three varieties of US milling wheat, one Australian and one Canadian.

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