Purchase and Stockpiling of 60,750 Tons of Soybeans, Red Beans, and Mung Beans This Year... Securing Market Channels for Farmers and Stabilizing Prices

Purchasing at Fixed Prices for Emergency Release... Price Stabilization
Supporting Seed Procurement for Farms... New Contract Farming Project Initiated

[Image source=Reuters Yonhap News]

[Sejong=Asia Economy Reporter Moon Chaeseok] The government will purchase and stockpile 60,750 tons of legumes including soybeans, red beans, and mung beans this year. By buying legumes at designated prices, it aims to secure sales channels for farmers, improve production conditions, and stabilize prices by releasing supply volumes when price fluctuations occur. This year, a contract cultivation project will also be newly launched to help farmers secure seeds smoothly.

The Ministry of Agriculture, Food and Rural Affairs announced the "2021 Domestic Legume (Soybeans, Red Beans, Mung Beans) Purchase Plan" on the 14th.

According to the plan, the purchase volume of soybeans will remain at 60,000 tons, the same as last year. The purchase price for soybeans is set at 4,700 KRW per kilogram for the highest grade. For paddy soybeans, the plan is to purchase the entire desired volume to maintain the cultivation base. Of the 60,000 tons, 8,000 tons will be purchased from four specific varieties: Daewon, Daepung 2, Seonpung, and Daechang. Since last year, part of the soybean purchase volume has been decided based on varieties with excellent processing suitability.

Red beans will be purchased at 500 tons, the same as last year, and mung beans will be purchased at 250 tons, an increase of 50 tons from last year. The purchase prices for first-grade red beans and mung beans are 5,190 KRW and 7,000 KRW per kilogram, respectively.

This year, to help farmers secure seeds smoothly, a contract cultivation project will be newly launched. The National Seed Management Office will supply 1,193 tons of government-distributed soybean seeds and 25 tons of red bean seeds through local agricultural cooperatives from next month’s 1st until May 10.

As the contract cultivation project is newly launched, the timing of purchase agreements will be adjusted. From this month, agreements will be made with farmers participating in contract cultivation for 17,000 tons of legumes. Previously, all agreements were made during the sowing season, but this year they will be conducted during the harvest season. However, 8,000 tons of soybeans and 9,000 tons of purchase volumes divided by variety including soybean sprout soybeans, red beans, and mung beans will have agreements made during the sowing season as before.

Farmers wishing to participate in the purchase can conclude purchase agreements through local agricultural cooperatives from the 22nd until June 30. Actual purchases will be made from December 1 until March 31 of next year.

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