Developing Countries Will Lead Global Rice Import Growth in 2013-22, Says USDA Rice growers positive California MG prices are UP Russia MG Harvest coming to end Egypt open rice exports Vietnam’s rice export in tough competition with India Thai rice exports in May Rise Above Target This Year Viet-Nam Rice exports likely to fall this year
Australia Medium Grain Rice #1 $ N/A    Egypt 101 #2 $760    Egypt 178 #2 Rice $730    EU Prices Baldo €660    EU Prices LG-A Ariete 5% €550    EU Prices MG Lotto 5% €500    EU Prices RG Balilla 5% €500    Russia Rapan $ 700    USA Jupiter Paddy $375    USA Calrose #1 Paddy $480    USA Jupiter Rice $630    USA Calrose #1 $830   

 Main Page
 Home Page of This Title
 Medium Grain Rice Market
 Global Market News
 Grain News
 Pulses News
 Global Overview
 Importers Profile
 Exporters Profile
 What Is Rice
 History Of Rice
 Rice Harvest Seasons
 Rice Processing
 Rice Nutrition Facts
 Meals With Rice
 INCO Terms
 US Rice Standards
 EU Codex Standards
 Egyptian Specs
 Sponsor List
 All Links
 Commodity Exchange
Search in news database
Republic of Korea Update
The season is about to start in the Republic of Korea. Based on the continuation of the rice land diversion programme, the area under rice has been officially set to fall from slightly more than 1 million hectares in 2004 to 986 000 hectares in 2005, which might result in a marginal decline of production to 6.7 million tonnes. Meanwhile, the country has made progress on the policy front, and, in March 2005, against the backdrop of the WTO negotiations, the National Assembly revised the Food Grain Management Act and the Rice Income Compensation Act. The new Food Grain Management Act eliminates the Government Procurement Programme and replaces it with a Public Storage System for Emergency (PSSE), aimed at smoothing seasonal price fluctuations.

Under the scheme, the Government is set to buy 864 000 tonnes (on a milled rice basis) on the domestic market from the 2005 crop. On the other hand, the new Rice Income Compensation Act introduces fixed direct payments to rice producers at a rate of Won 600 000 (US$ 600) per hectare on their registered area, as well as variable direct payments to compensate farmers for 85 percent of the difference between actual prices and a target price level, minus transfers made as fixed income compensation payments. For 2005-2007, the target price has been set at Won 2 126 per kg (US$ 2 000 per tonne). In addition to the fixed and variable direct income compensation payments, farmers willing to let their rice land remain idle will continue to receive Won 3 million (US$ 3000) per hectare as Direct Payment for Adjustment of Rice Production.
MGR Archive 3.7.2005
Printer Friendly Version Of This Article
Send This Article To A Friend
User Name:
      Forgot your Password?
Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
Click for Details

Medium Grain Reports
Rice Market News
World Rice Markets and Trade
USDA Country Reports
Rice Market Monitor
Rice Outlook
Italian Paddy Supply
European Rice Weekly
EU Reports
Convert this amount:

  © 2002 All rights reserved. - Legal Notice