Government-stockpiled rice sold ¥420 cheaper in third auction

The third government auction of stockpiled rice saw a decrease in average selling price to ¥20,302 per 60 kg, marking an additional drop from the second auction. With six bidders achieving a successful bidding rate of nearly 100%, the sales highlighted a shift in harvest timing, with the third auction featuring rice from 2023, unlike previous auctions that included 2024 crops. Meanwhile, despite extended availability, retail prices remain elevated, with supermarket averages at ¥4,220 per 5 kg, the highest in 16 consecutive weeks.