This Year's Public Stockpiled Rice Purchase Price Confirmed at 74,300 Won per 40kg

Agriculture Ministry to Pay 910.6 Billion KRW for Harvest Season Rice Purchases

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Moon Chaeseok] The Ministry of Agriculture, Food and Rural Affairs announced on the 28th that the purchase price for public stockpiled rice this year has been set at 74,300 KRW per 40kg bag for first-grade paddy rice. This price is calculated based on the average rice price nationwide during the October to December harvest season, converted to a 40kg paddy rice standard. For provisional out-of-grade A-grade paddy rice damaged by natural disasters, the price is 57,150 KRW per 40kg bag.

The Ministry plans to pay farmers who participated in the public stockpiled rice purchase the balance after deducting the already paid interim settlement amount of 30,000 KRW from the confirmed price within this year. A ministry official explained, "Through this payment, an additional 545.2 billion KRW will be paid to farmers," adding, "Including the interim settlement amount of 365.4 billion KRW already paid, a total of 910.6 billion KRW will be given to farmers as paddy rice purchase payments during the harvest season."

The government has purchased 350,000 tons of public stockpiled rice and 947 tons of damaged paddy rice by the end of this year.

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