Additional 60,000 Tons of Government Rice Supplied After Seol Holiday... "Rice Supply Stability"

[Sejong=Asia Economy Reporter Moon Chaeseok] The government will additionally supply 60,000 tons of 2019 government rice to the market right after the Lunar New Year to stabilize rice supply and demand.

The Ministry of Agriculture, Food and Rural Affairs announced on the 17th that following the decision last November to release government rice within the range of 370,000 tons to the market, it will release 120,000 tons in January and an additional 60,000 tons right after the Lunar New Year.

This measure comes in response to the prediction that rice production will remain at 3.51 million tons, which is 230,000 tons less than the previous year and 120,000 tons less than expected, due to last year's prolonged rainy season and consecutive typhoons.

The relevant quantity will be auctioned on the 18th and delivered to mountain distribution companies from the 24th. The remaining quantity after supply in January and February will be additionally released to the market through public auctions starting next month.

Furthermore, the Ministry of Agriculture, Food and Rural Affairs plans to thoroughly manage the supplied government rice to ensure it has a stabilizing effect on the market.

Public auction quantities must be supplied to actual demand companies, with the sale of rice in paddy form prohibited, and must be sold as rice (or brown rice) within three months.

To maintain market order, intensive crackdowns on mixed distribution of new and old rice and violations of the rice labeling system will be conducted, focusing on successful bidders.

This content was produced with the assistance of AI translation services.