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The South Korean government intends to expand stockpiles amid the food crisis; 60,000 tons of soybeans were purchased this year

콩, 올해도 6만t 사들여…정부, 식량위기 속 비축 확대 의지
This news article has been translated to English.
South Korea
Price Trend
Supply Yield / Stock Quantity
Mar 23, 2022
From Nongmin
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The government will also buy 60,000 tons of soybeans this year at 4,700 won per kilogram. This is in response to the growing importance of food security as the situation in Ukraine intensifies and the global village suffers from extreme weather. The Ministry of Agriculture, Food and Rural Affairs announced on the 21st a plan to stockpile domestic beans such as beans, red beans, and mung beans for 2022. The purchase quantity and purchase price by item are the same as last year. The Ministry of Agriculture, Food and Rural Affairs increased the stockpiling quantity and purchase price of pulses relatively large last year. This is the second year in a row that it has expressed its will to expand stockpiles of legume crops.
By item, 500 tons of red beans and 250 tons of mung beans are purchased. The purchase price of soybeans is 4,700 won per kg based on the special grade of common soybeans (white soybeans). Soybean sprouts cost 4,670 won based on small grains. Red beans and mung beans are 5,190 won and 7,000 won, respectively. Both items are grade 1 standards. Soybean purchase prices have risen steadily over the past nine years. It was raised from 3,868 won in 2014, 2015, and 2016 to 4011 won in 2017, 4,200 won in 2018, and 4,500 won in 2019 and 2020. The contract signing started on the 21st of this month, and the actual purchase begins on December 1, the harvest season. This year's feature is that non-beans are preferred. Increase the proportion of varieties planted in paddy fields among the quantity of ‘specialized purchase’. Variety classification purchase refers to the purchase of varieties that are highly preferred by farmers and linked with the market price. For the corresponding ...
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