February 19, 2024, South Korea: Adjustment of rice cultivation area, expansion of mandatory purchase of green products
Rice
South Korea
Regulation & Compliances
Market & Price Trends
Published Feb 19, 2024
Tridge summary
The Agricultural Cooperative Economic Research Institute has identified the government's adjustment of rice cultivation area and the expansion of mandatory purchase targets for green products as key agricultural policy issues. The Ministry of Agriculture, Food and Rural Affairs aims to balance rice supply and demand by reducing the rice cultivation area by 26,000 ha in 2024. This will be achieved through the strategic crop direct payment system, which will be expanded to include all pulses and corn. Additionally, the unit price of pulses and powdered rice will be increased from 1 million won to 2 million won per hectare.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
The Agricultural Cooperative Economic Research Institute selected ‘government adjustment of rice cultivation area’ and ‘expansion of mandatory purchase targets for green products’ as agricultural policy issues this week. The Ministry of Agriculture, Food and Rural Affairs will reduce the rice cultivation area by 26,000 ha in 2024 to stabilize rice supply and demand. This is a reduction target set considering the appropriate rice cultivation area (699,000 ha). The Ministry of Agriculture, Food and Rural Affairs utilizes various policy tools to reduce cultivation area. First, 15,100 ha (58.1%) will be reduced through the strategic crop direct payment system. In order to smoothly implement the strategic crop direct payment system, the items eligible for ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes.
To learn more about our cookies, please read our Privacy Policy.