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Japan to Raise Imported Wheat Price One Pct in Oct.
27.08.2010 11:54 "Agro Perspectiva" (Kyiv) —
Japans Agriculture, Forestry and Fisheries Ministry said Tuesday it will raise the price of imported wheat it sells to flour mills by one pct on Oct. 1, following a rise in global wheat prices.
The price hike is the first since October 2008. The impact on bread and noodle prices is likely to be limited due to the small rise.
The weighted average price for five major wheat varieties will be set at 47,860 yen per ton, up 700 yen from the current price.
Recent wheat futures prices rose due to Russias grain export ban amid severe drought.
But the ministrys price revision ended up being small as wheat futures were relatively stable until the summer.
Japan imports almost 90 pct of the wheat consumed in the domestic market.
The price is revised in April and October every year based on the average import price in the past six months.
The government lowered the price by 5 pct in the previous revision in April in the third consecutive cut.
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