27-02-2013 09:24 AM | Japan

Japan boosts wheat prices as yen weakens

Japan increased wheat prices to flour millers by almost 10 percent, raising costs for companies including Nisshin Seifun Group Inc. (2002) and Nippon Flour Mills Co. (2001) as a weaker yen made grain imports more expensive.

Overseas wheat sold by the government to millers will rise to 54,990 yen ($600) a metric ton on average in April from 50,130 yen, the Ministry of Agriculture, Forestry and Fisheries said today in a statement. It was the largest jump since April 2011, when prices surged 18 percent.
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