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Korea Agricultural Research Institute-KDI debate: “Agricultural product prices will rise when the Grain Act amendment is implemented.”

Published May 18, 2024

Tridge summary

The article highlights concerns regarding proposed amendments to the Grain Management Act and the Agricultural and Fishery Products Distribution and Price Stabilization Act in South Korea. Experts warn that these changes could lead to a supply-demand imbalance and a surge in agricultural product prices. They recommend a balanced agricultural policy to increase farm income and reduce consumer burden. The article also discusses the potential risks and financial strain that a price guarantee system for agricultural products could cause, as well as research indicating that such a system could increase production and lower prices. The Korean Society of Agricultural Economics' findings are based on a study of five major vegetables.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

(Seoul = Yonhap News) Reporter Shin Seon-mi = Experts are concerned that if the Grain Management Act and the Agricultural and Fishery Products Distribution and Price Stabilization Act (Agricultural and Fishery Products Distribution and Price Stabilization Act) amendments are implemented, agricultural product prices will rise further due to supply and demand imbalance. Seung Jun-ho, head of the Grain Economics Research Department at the Korea Rural Economic Institute, said at the 'Policy Discussion for Sustainable Agricultural Management' held by the Korea Agricultural Research Institute and the Korea Development Institute (KDI) at the Korea Press Center in Jung-gu on the 17th, "If there is a concentration on rice and certain items, the supply of agricultural products will be reduced." “There is a possibility that there will be an overall shortage and this effect will lead to a rise in prices,” he said. He said, "The amendment to the Farm Security Act has limitations in protecting ...
Source: Yna
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