Farmers suffer from falling Korean beef prices

The year of Gapjin is expected to be remembered as a year in which the difficulties of Korean beef farmers, which have continued since 2022, reached their peak due to the skyrocketing prices of compound feed caused by international grain prices and exchange rates. The wholesale price of Korean beef, which was in the late 17,000 won per kg range at the beginning of the year based on steers, continued to decline, reaching the late 16,000 won range in June, more than 1,000 won, and the wholesale price of all Korean beef in the same month was recorded in the 14,900 won range. On the other hand, production costs are skyrocketing, and it is estimated that Korean beef farmers will incur a deficit of over 2 million won when shipping one steer. The National Korean Beef Association estimated that around 12,000 people gathered in front of the National Assembly in July to hold a rally to “Call for the Stabilization of the Korean Beef Industry and Struggle to Return Korean Beef.” ...