Publisher's Synopsis
Excerpt from Foreign Crops and Markets, Vol. 81: August 15, 1960
The Japanese Government recently announced its purchase and selling prices for wheat and barley of the 1960 crop. The support price was increased for wheat and naked barley, but left at last year's level for common barley.
As in previous years, the government's selling price continues lower than its buying price. It is estimated that the deficit resulting from the government's purchase and sale of the 1960 crop will amount to million yen ($hh.h million), compared with million yen million) in handling the 1959 crop. Some of the loss will be offset by profits the government makes on sales of imported wheat.
Japanese support prices for wheat and barley are fixed each year at a level high enough to bring a large part of the crop into commercial channels, and most of this is sold to the government. Prices on the open market are strongly influenced by the official prices.
Imports of wheat and barley are controlled by the government. Imports can be made only by registered dealers on a bid basis, import licenses being granted to the lowest bidder. Traders sell the imported grain to the government at the bid prices. The government, in turn, sells it to local millers and processors at prices considerably higher than the accepted bid prices of importers, although usually more or less in line with the market price of domestically produced grain.
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