Minister of Agriculture and Food in South Korea: Stabilize beef prices by reducing 140,000 cows by next year

(Seoul = Yonhap News) Correspondent Minji Cha = Minister of Agriculture, Food and Rural Affairs Jeong Hwang-geun announced on the 20th that he would reduce the number of cows by 140,000 by 2024 to resolve the oversupply in relation to the recent drop in Korean beef wholesale prices. At a plenary meeting of the National Assembly's Agriculture, Livestock, Food, Marine, and Fisheries Committee on the same day, Minister Jeong said, "In the corona situation, the number of Korean cattle raised abnormally increased, resulting in an oversupply." there is," he said. In addition to reducing cows, Minister Chung announced plans to hold nationwide simultaneous discount events of up to 50% at Nonghyup and major hypermarkets throughout the year to recover Korean beef consumption. Farmers' cattle breeding increased, consumption decreased, and wholesale prices fell more than 20% from a year ago. However, since distribution costs were reflected in the retail price of Korean beef, the extent of the ...