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

Frozen Bone-In Beef

Meat

South Korea

Published Feb 21, 2023

Tridge summary

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 decline was not large, so consumers responded that it was difficult to feel the decline in Korean beef prices.

Original content

(Seoul = Yonhap News) Correspondent Minji Cha = Minister Jeong said, “We will push for differential support and export expansion to promote Korean beef consumption by large consumers.” "We will promote competition among distribution channels by promoting price cuts centered on Nonghyup, disclosure of consumer price survey results, and introduction of a livestock product delivery price reporting system," he said. added. He also mentioned the status of quarantine efforts against various livestock diseases such as highly pathogenic avian influenza (AI) and African swine fever (ASF). AI has been detected in 63 cases in poultry farms and 165 cases in wild birds since the first occurrence in October last year. Minister Jeong said, "Through preemptive quarantine measures, we are blocking the horizontal spread of AI and stably managing the supply and demand of chicken and eggs." We will proceed with disinfection,” he said. ASF occurred in a total of four cases in January and February ...

Source: Yna