At Government's Request... Milling Industry "Considering Lowering Flour Shipping Prices in July"

The flour milling industry has decided to consider lowering the flour shipment prices next month. This follows the government's request to the milling industry to reduce prices in order to alleviate the national burden of living costs.

On the 26th, the Ministry of Agriculture, Food and Rural Affairs held a meeting at the aT Center in Seoul with seven milling companies participating to discuss flour price trends and forecasts, as well as industry requests.

At the meeting, the Ministry expressed gratitude for the industry's active participation in the government's flour price stabilization support project since the second half of last year and for the recent price reductions. The Ministry also requested that the decline in wheat import prices be actively reflected in flour prices.

According to the Korea Customs Service, wheat import prices surged to $496 per ton in September last year. Since then, prices have declined to $416 per ton as of May this year.

According to the Ministry, the milling industry representatives attending the meeting stated, "Although each company’s situation differs, there are difficulties such as the time lag between futures prices and import prices, additional costs, and rising exchange rates," but also said, "We will consider the possibility of lowering flour shipment prices in July to help stabilize futures prices and prices overall."

Additionally, the milling industry proposed support for wheat purchase funds to stabilize management. In response, Jeon Han-young, Director of Food Policy at the Ministry, said, "We will continue to communicate actively to address industry difficulties and reflect them in policies, and the government and the milling industry will strive to continuously stabilize flour prices to reduce the burden of living costs on the public."

(Photo) [Image source=Yonhap News]