Apr 18 (Japan Times) - Japanese farmers are being hit by higher prices of grain, fertilizers and other supplies necessary for agriculture and livestock farming as Russia’s aggression against Ukraine continues.
In particular, grain prices are soaring due to a decline in exports from both Russia and Ukraine, boosting the prices of compound feed.
But many producers are finding it difficult to pass on the higher costs to buyers.
Sales prices of fresh food items, such as vegetables, are usually determined by the balance of supply and demand because it is difficult to adjust the production amount quickly.
Grain prices had risen due to poor harvests caused by drought. The situation worsened further, as Russia’s invasion of Ukraine sparked supply concerns, leading wheat futures on the Chicago Mercantile Exchange to rewrite their record highs for the first time in 14 years. Compound feed prices also rose sharply.
