Government to Expedite Purchase of 50,000 Tons of 2023 Rice Crop... Private Allocation Completed

(Photo for reference)

The Ministry of Agriculture, Food and Rural Affairs announced on the 1st that it will promptly proceed with the government's planned purchase of 50,000 tons as part of the 150,000-ton private stock resolution plan for 2023 rice, which was announced at the Min-Dang-Jeong consultation meeting on the 21st of last month.

The Ministry of Agriculture, Food and Rural Affairs has completed the allocation considering the current regional stock volume proportions. Notifications were sent to provincial governments, Nonghyup, and private Rice Processing Complexes (RPCs) on the 28th of last month. The purchase targets are 2023 rice paddy stocks held by Nonghyup Rice Processing Complexes (RPC·DSC) and private Rice Processing Complexes (RPC). The Ministry plans to start the purchase procedures this week and complete them swiftly.

The Ministry forecasts that this year's rice cultivation area will be reduced by more than 10,000 hectares from the initial target (699,000 ha) to between 683,000 and 689,000 hectares, expecting a production decrease of more than 50,000 tons.