Chungcheongbuk-do will reduce the Korean beef breeding business next year

(Cheongju = Yonhap News) Reporter Jeon Chang-hae = Chungcheongbuk-do is drastically reducing the breeding business to stabilize supply and demand due to the continuous decline in Korean beef prices. According to the Korea Rural Economic Institute on the 15th, the average wholesale price of Hanwoo meat in October was 18,898 won per kg, down 11% from a year ago. The researcher analyzed that the supply increased because the breeding scale was the largest ever, but the demand rather decreased due to the economic slowdown. It also predicted that the downward trend in Korean beef prices would continue until 2024. In 2024, the slaughter volume is expected to be around 1 million, but consumption is likely to decrease due to interest rate hikes and inflation. Chungbuk also raised 201,000 Korean cattle in 2016 to 251,000 this year, an increase of 20.9% (50,000) in six years. Accordingly, North Chungcheong Province plans to drastically reduce the Korean beef breeding business next year as ...