Photo/Illutration Stockpiled rice in a warehouse in Saitama Prefecture on Feb. 12 (Jin Nishioka)

The farm ministry plans to move up a second round of auction for 60,000 tons of rice from government reserves to halt the continuing surge in prices.

Agriculture minister Taku Eto told a news conference on March 4 that he has instructed ministry officials to promptly prepare for the auction.

The ministry announced last month that it will release 210,000 tons of rice from government stockpiles to clear “clogging” in rice distribution.

It invited bids for 150,000 tons in the first round of auction on March 3. The tender will close on March 10, and successful bidders are expected to be decided by March 12.

The rice is expected to reach retailers around the end of March.

Ministry officials initially planned to auction off the remaining 60,000 tons after assessing the impact of the first round on market prices.

However, statistics showed on Feb. 28 that the amount of rice secured by major distributors, such as agricultural cooperative associations, as of the end of January was 2.21 million tons, 230,000 tons less than a year earlier.

The margin of decline, which ministry officials follow as an indicator of clogging in rice distribution, widened from 210,000 tons as of the end of December.

Eto said the ministry will consider expanding the total amount of rice to be released. The decision for 210,000 tons was based on the December figure.

According to figures released by the internal affairs ministry on Feb. 28, the retail price of 5 kilograms of the Koshihikari rice variety was 4,363 yen ($29) in central Tokyo in February, up 1,922 yen, or 80 percent, from a year earlier.

The price marked the 10th consecutive month-on-month increase.

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