Japan Farm Group to Sharply Raise Livestock Feed Prices

Economy

Tokyo, June 22 (Jiji Press)--Japan's National Federation of Agricultural Cooperative Associations, or Zen-Noh, said Wednesday it will raise the prices of compound feed for livestock in July-September by a record 11,400 yen per ton on average from the previous quarter.

The average price rose for the fourth straight quarter, and the rise was more than twice as large as the previous record, set in April-June 2021.

The sharp price hike reflected elevated prices for corn and other feed grains following Russia's invasion of Ukraine, as well as higher import costs due to the yen's weakening against other major currencies.

The balance of demand and supply for corn, which accounts for 50 pct of compound feed, is expected to remain tight globally, according to Zen-Noh.

Soybean meal prices have been affected by a rise in transportation costs following a switch in suppliers, as well as higher ocean freight costs due to soaring crude oil prices.

[Copyright The Jiji Press, Ltd.]

Jiji Press