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Gov’t to Raise Rice Purchases
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The South Korean government plans to purchase an additional 1 million seok of rice from local farmers in November to stabilize market prices, the country's Agriculture Ministry said Wednesday.
Early this year, the government announced that it would buy rice from farmers and sell it at market prices, while keeping 6 million seok of rice as emergency reserves. One seok equals 144 kilograms.
``There are no problems in the supply-demand of rice but rice prices have fallen due to the emergency reserve system that was implemented for the first time this year,’’ Kim Young-man, director-general of the ministry's food policy bureau.
The government introduced the reserve system for rice and other grains to guard against bad harvests or other national disasters.
The ministry originally planned to purchase 4 million seok of rice this year as reserves, but has decided to augment this with an additional 1 million seok of rice.
The rice purchase will cost about 250 billion won ($238 million), the official said.
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| MGR Archive 20.10.2005 |
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| Region |
Type |
Price |
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| Russia |
Rapan |
$ 700 |
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| USA |
Jupiter Rice |
$630 |
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| USA |
Calrose #1 |
$830 |
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| USA |
Calrose #1 Paddy |
$480 |
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| EU Prices |
Baldo |
€660 |
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