Jeonnam Jangseong-gun Rolls Up Sleeves to Stabilize Rice Prices

[Jangseong=Asia Economy Honam Reporting Headquarters Reporter Jo Hangyu] Jangseong County in Jeollanam-do has begun its own purchase of rice that failed to sell in the government market isolation and leftover rice from farms. This is to prevent the decline in rice prices and the resulting losses for farmers in advance.

On the 22nd, the county promoted the purchase of the Sindongjin variety at the Jangseong Integrated RPC (Rice Processing Complex). From the 28th to the 30th, it plans to sequentially purchase Jomyeong No.1, and from the 31st, Saechungmu.

Sindongjin, Jomyeong No.1, and Saechungmu (bagged rice) will be purchased at the Integrated RPC, and the large quantity of Saechungmu ton-bag rice will be handled at Hwangryong DSC (drying and storage facility) and Jinwon Sangnim Warehouse.

The purchase price is 64,000 KRW per 40kg, the same regardless of variety. Participating farmers should deliver rice of first-grade or higher quality for public stockpiling drying rice on the designated dates.

Earlier in early December, Jangseong County prepared an additional budget for self-purchase of surplus rice, anticipating a price drop due to increased rice harvest last year. However, at the end of the same month, the government decided to proceed with market isolation, so this was put on hold.

Market isolation is a system where the government purchases excess supply when rice production exceeds demand to prevent price drops by isolating the surplus from the market.

However, at the market isolation bidding held in February, the winning bid price was set at 63,763 KRW per 40kg, significantly below farmers' expectations, resulting in the entire 2,136 tons of Jangseong County's participation volume being unsold.

Jangseong County held several countermeasure meetings with seven regional agricultural cooperatives and Jangseong Integrated RPC officials. Then, on February 24th, after consulting with farmers' organizations, the purchase price for the unsold volume was finalized at 64,000 KRW.

After swiftly handling practical tasks such as preparing the supplementary budget, surveying demand by town and township, and securing agricultural cooperative warehouses, the county began purchases on the 22nd of this month.

A Jangseong County official said, "Through collaboration between the county and agricultural cooperatives, we were able to promptly proceed with self-purchase of the market isolation unsold volume and leftover rice," adding, "We will continue to proactively respond to ensure farmers' income security and stable farming support."

Jangseong=Honam Reporting Headquarters Reporter Jo Hangyu chg6001@asiae.co.kr

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