Rice Price Projection in Japan Climbs in August
The rice price diffusion index in Japan surged by 23 points in August 2022, reaching 69, according to a survey conducted by an industry group that includes the National Federation of Agricultural Cooperative Associations, or Zen-Noh. This marks the largest increase since the survey began in March 2012.
The surge in the index follows advance payments for rice made by the JA group, a significant entity in the rice industry, to farmers prior to August 2022. The increase in advance payments may suggest a positive outlook for rice prices in the coming months.
When the index reaches 50, rice prices are expected to be roughly the same as current prices. However, if the index nears 100, there is a stronger view that rice prices will be higher in the future. The August 2022 survey included responses from 180 respondents, including rice producers, distributors, wholesalers, and retailers, with 131 of the responses being valid.
The organization responsible for determining the price outlook for rice in Japan was not explicitly named in the provided search results. The increase in the rice price diffusion index may indicate a potential rise in rice prices over the next three months.
The surge in the index comes as a positive sign for rice farmers, who have been facing challenges due to unfavourable weather conditions and low prices in recent years. The increase in advance payments by the JA group may be a strategic move to support rice farmers and stabilise the rice market.
In conclusion, the surge in the rice price diffusion index in August 2022 suggests a positive outlook for rice prices in Japan over the next three months. The increase follows advance payments made by the JA group to farmers, indicating a potential rise in rice prices. The organization responsible for determining the price outlook for rice in Japan was not explicitly named in the provided search results. However, the increase in the index marks a significant milestone since the survey began in March 2012.
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