JA Niigata City producers discuss rice prices with wholesaler

JA Niigata City held a meeting with producers to discuss the rice market. A major rice wholesaler's president suggested that rice prices could plummet and that a retail price of 3,500 yen for 5 kilograms would be appropriate. The wholesaler's president cited an expected record high of 2.29 million tons in private rice inventory by June next year, predicting a significant price drop. He argued that to prevent a further decline, prices should be set at a level consumers find acceptable, like 3,500 yen for 5 kilograms. Currently, the average national price for 5 kilograms of rice is 4,312 yen, near a historical high. Some producers acknowledged that prices are likely to fall, while others expressed concern about the extent of the potential drop.