Japan: SBS Grain Tenders Resume

Following Japanese media allegations that certain Japanese importers and wholesalers of rice were exchanging money to adjust the price of rice imported under the simultaneous buy-and-sell (SBS) tender system, Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) suspended SBS tenders for rice in September 2016 and initiated an investigation. MAFF also suspended SBS tenders for food wheat and barley in September 2016 and feed wheat and barley in October 2016. MAFF subsequently concluded that SBS rice imports were not suppressing domestic rice prices, but that monies were exchanged between parties. Accordingly, MAFF revised the administrative rules of the SBS tendering system to prohibit monetary exchanges between companies involved in tenders. Upon making said revisions, MAFF re-opened the SBS tendering system in December 2016.

Japan: SBS Grain Tenders Resume