Japan Wheat Imports Grow Despite Surging Prices
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Due to tight global supply, global inflation, and the conflict in Ukraine (among others), Wheat export prices to Japan surged above the 600 $/mt in May. However, Japan Wheat imports increased throughout 2022 so far; Japan Wheat imports increased ~54 kmt in Feb, ~150 kmt in Apr, & 220 kmt in May YoY. Overall in 2022, Japan increased Wheat imports by 349 kmt YoY. The cost of the commodity seems to be the price to pay for one of Japan’s staple foods. Japanese Farmers are switching Rice fields to Wheat to try and curb prices, but Japan cannot be self-sufficient in the long term, depending on the US, Australia, and Canada for its Wheat imports.
Japan Monthly Wheat Imports Between Jan & May 2022
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