The Government Decides to Purchase All Desired Quantities of 2023 Rice and Soybeans

Plan for Stockpiling Soybeans, Red Beans, and Mung Beans

[Asia Economy Sejong=-Reporter Joo Sang-don] The government has decided to purchase all the desired quantities from farmers for paddy field soybeans harvested this year.

On the 21st, the Ministry of Agriculture, Food and Rural Affairs announced the 2023 domestic legume (soybean, red bean, mung bean) stockpiling plan to encourage paddy field soybean cultivation and improve the self-sufficiency rate of domestic soybeans.

The purchase quantities by item remain the same as last year: 60,000 tons of soybeans, 500 tons of red beans, and 250 tons of mung beans. In particular, to expand the cultivation base of paddy field soybeans and stabilize farmers' sales channels, the ministry plans to purchase all the quantities desired by farmers for paddy field soybeans.

The purchase prices were raised by about 2?3% considering recent trends in legume market prices and rising production costs.

General soybeans were increased by 100 KRW from 4,700 KRW to 4,800 KRW per kilogram, soybean sprouts soybeans were increased by 120 KRW to 5,000 KRW, red beans were increased by 170 KRW to 5,960 KRW, and mung beans were increased by 230 KRW to 8,030 KRW.

The Ministry of Agriculture, Food and Rural Affairs will improve the purchase method to expand the cultivation area of paddy field soybeans this year.

First, the purchase quantity for varieties preferred by farmers will be increased from 8,000 tons to 9,000 tons by adding 1,000 tons, and the purchase quantities of the Seonpung and Daechang varieties, which are mainly cultivated in paddy fields, will each be increased by 500 tons.

Jeon Han-young, Director of Food Policy at the Ministry of Agriculture, Food and Rural Affairs, said, "Expanding the cultivation area of paddy field soybeans has a double benefit of improving the self-sufficiency rate of soybean food and stabilizing rice supply," and urged local governments and farmers to actively participate in expanding the cultivation area of paddy field soybeans.