Potato prices in April fall year-on-year, soybean prices are expected to remain at average levels

Seed Potato

South Korea

Market & Price Trends

Published Mar 27, 2024

Tridge summary

According to a report by the Korea Rural Economic Institute's Agricultural Observation Center, potato prices are projected to fall by 4.2% next month compared to last year, attributed to a 10.9% rise in shipments, including notable increases in stored open field and highland potatoes. On the other hand, soybean prices are expected to stay at the average level in the second quarter, despite a 4.0% growth in cultivation area. This stability in soybean prices is due to the government's increased purchase of last year's soybeans and the introduction of the strategic crop direct payment system, which has particularly led to a 21.2% increase in paddy soybean cultivation.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Korea Rural Economic Institute Although potato prices will fall next month compared to the previous year, soybean prices in the second quarter are expected to remain at the average level. The Korea Rural Economic Institute's Agricultural Observation Center released an observation report containing this content on the 26th. Potato shipments next month are expected to increase by 10.9% compared to the previous year, and the price next month is also expected to drop by 4.2% compared to the same month last year, reaching 72,000 won for all products and 20 kg. The reason why shipments are expected to increase is because shipments of stored open field spring potatoes and stored highland potatoes are estimated to increase by 20.9% and 18.8%, respectively, compared to the previous year. Due to delayed shipment of spring potatoes from the facility, next month's shipment is expected to increase by 8.3% compared to the previous year. This year's facility's spring potato production is ...

Source: Aflnews