South Korea: Pig farms' feed price surges blow, we need to increase support for purchasing funds

Published 2022년 4월 27일

Tridge summary

The Korea Handidog Association held a meeting to address the impact of rising feed prices on pig farms. The meeting highlighted the need for increased support for farm feed purchases, including raising the limit of the Agriculture, Forestry and Fisheries Credit Guarantee Fund, reducing feed purchase interest rates, and extending repayment periods. The use of stock rice as a replacement for corn in feed was also discussed. The Handon Association also suggested that the government should support the purchase of feed materials as a price stabilization measure. Concerns were raised about the potential widening deficit in farm management as the annual average price of pork carcass is expected to decrease this year, while feed prices are projected to increase due to rising grain prices.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

As the poor management of pig farms due to the increase in feed prices showed signs of prolonged deterioration, experts began to prepare countermeasures. The Korea Handidog Association recently held the ‘1st Task Force Meeting to Response to Soaring Grain Price’ at the 2nd Livestock Center in Seocho-gu, Seoul. The event was attended by officials from the Ministry of Agriculture, Food and Rural Affairs, industry, and the Korea Rural Economic Research Institute. At the meeting, it was pointed out that the scope of support for the purchase of feed for farms should be expanded first. To this end, it is argued that farmers need to breathe by increasing the limit of special guarantee of the Agriculture, Forestry and Fisheries Credit Guarantee Fund (Nongshinbo), reducing the interest rate on feed purchase funds, and extending the repayment period of feed purchase funds. Some argued that stock rice should be used as a raw material to replace corn, which has skyrocketed in price. ...

Source: Nongmin