The Ministry of Agriculture, Food and Rural Affairs recently requested the flour milling industry on the 5th to lower flour prices, considering factors such as the decline in international wheat prices and exchange rate stabilization, as well as the wheat purchase support project for milling companies starting next year.
On the same day, Jeon Han-young, Director of Food Policy at the Ministry, visited Daehan Milling to explain the business stabilization funds for milling companies, request the industry's cooperation in stabilizing flour prices, and listen to on-site difficulties.
This field visit was arranged to emphasize the importance of stabilizing flour prices, which is the main ingredient used in various processed foods such as bread, snacks, and ramen, and to seek effective support measures through voices from the field.
According to the Ministry, Daehan Milling stated that it plans to review flour prices comprehensively, considering the continuous decline in international wheat prices since last year's peak, as well as increases in electricity bills, procurement interest rates, and other related costs.
The import price of wheat dropped from $496 per ton in September last year to $324 in October this year. It is expected to be around $391 in December.
Director Jeon said, "We urged the milling industry to actively cooperate in lowering flour prices," adding, "The government will also actively promote policy fund support for wheat purchases to stabilize the management of milling companies starting next year, striving to alleviate the industry's difficulties."
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