A total of 100,164 tons of the government-stockpiled rice was sold in a third auction at an average price of ¥20,302 per 60 kilograms, down ¥420 from the second auction, the agriculture ministry said Wednesday.
The third auction was held for three days through Friday with six participants, and the successful bidding rate reached 99.97%.
The average price fell further after dropping ¥495 in the second auction from the first auction, apparently because the rice sold in the third auction was harvested in 2023, while the previous two auctions covered rice harvested in 2023 and 2024.
Although it has been more than a month since the government began releasing its stockpiled rice, retail prices have remained high. According to the ministry, the average price of rice at supermarkets nationwide in the week through April 20 was ¥4,220 per 5 kilograms, logging the 16th consecutive weekly increase.
The government sold a total of 312,296 tons of stockpiled rice at an average price of ¥20,812 per 60 kilograms in the three auctions, which saw a total of 10 bidders.
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