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Korea Agricultural Research Institute: This year's rice cultivation area has decreased by 14,000 ha, 48 times the size of Yeouido

Published May 28, 2024

Tridge summary

The Korea Rural Economic Institute has reported a 2.0% decrease in the area farmers plan to cultivate rice this year, totaling 694,000 hectares. This decrease is due to an increase in farmers participating in the strategic crop direct payment system, which encourages the planting of alternative crops such as soybeans, wheat, and powdered rice. As a result, rice production is expected to decrease by 2.9%, leading to a potential decrease in the harvest market supply of 100,000 tons if the government purchases 400,000 tons as in previous years. The average price of local rice has seen a 6.3% increase from last year, but has decreased by 6.6% compared to the harvest season due to inventory burdens of producers and distributors, resulting in an increase in rice inventory by 250,000 tons from the same period last year.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

(Seoul = Yonhap News) Reporter Shin Seon-mi = It has been predicted that the farmland area that farmers plan to cultivate rice this year will decrease by 2.0% compared to last year. The Korea Rural Economic Institute reported on the 28th, 'Agricultural Observation June Issue Rice', that the area farmers intend to cultivate rice this year is 694,000 ha (hectare, 1 ha is 10,000㎡), which is 14,000 ha (2.0 m²) compared to last year. %) is expected to decrease. The decreasing rice cultivation area is 48 times the area of Yeouido (290 ha). The Korea Agricultural Research Institute analyzed that the number of farmers participating in the strategic crop direct payment system increased this year and the rice cultivation area decreased. The strategic crop direct payment system is a system that provides subsidies for planting soybeans, wheat, and powdered rice instead of rice in rice fields. The Ministry of Agriculture, Food and Rural Affairs doubled the unit price paid under the strategic ...
Source: Yna
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