South Korea: Harvest season rice price is expected to decline due to an increase in the market supply

Rice

South Korea

Published Dec 1, 2021

Tridge summary

The price of rice in the 2021 harvest season (October to December) is expected to decline from 54,121 won based on 20 kg products during the harvest period last year due to an increase in market supply. The Agricultural Observation Center of the Korea Rural Economic Research Institute predicted that the price of rice this month will also decrease due to the effect of the price decline due to the increase in market supply through rice observation. As of the 20th of last month, the inventory of local distributors stood at 1409,000 tons, up 40.8% from the previous year. The Agricultural Cooperatives have 1,279,000 tons, up 41.6% from last year, and the private sector owns 130,000 tons, 33.6% more than last year. As of the 23rd of last month, the amount of rice purchased in 2021 was 2 million tons, 25.9% more than last year, which is 82.1% of the planned rice purchase. The government’s purchases and RPC’s own purchases increased by 10.3% and 28.8%, respectively, compared to last year. In this regard, the shipments of the Nonghyup using the post-settlement system have increased relatively significantly.

Original content

The Agricultural Cooperatives purchased 1,541,000 tons, up 31.8% from last year, and the private sector purchased 186,000 tons, 8.5% more than last year. Meanwhile, the Ministry of Agriculture, Food and Rural Affairs plans to expand the amount of support for rice purchase funds from regional distributors so that farms can smoothly ship rice during the harvest season, and to purchase the entire amount desired by farmers for damaged rice. As a part of this, the amount of financial support required for rice purchase by local distributors has been increased from 3.3 trillion won to ...

Source: Aflnews