Government Advances Domestic Wheat Purchase by One Month... 102% Increase This Year

Pilot Introduction of Fresh Produce Purchase Program

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kim Hyewon] The government will begin purchasing domestically produced wheat from the 22nd.

The Ministry of Agriculture, Food and Rural Affairs announced on the 19th that it will implement the "2022 Domestic Wheat Government Purchase" from the 22nd of this month to the 20th of next month to stabilize the supply and demand of domestic wheat.

This year's purchase plan volume is 17,000 tons, which is a 102% increase compared to last year's purchase volume of 8,401 tons.

The purchase varieties include Geumgang, Saegeumgang, Baekgang, and Jokyung, four types, and the price is 39,000 KRW per 40kg, similar to the private purchase price based on the "Good" grade.

The Ministry of Agriculture, Food and Rural Affairs improved the purchase method this year to enhance the convenience for wheat-producing farms and the quality of domestic wheat. First, to reduce the difficulties of drying and storage for farms after wheat harvest, the purchase period was advanced by more than one month compared to the previous year, and the pre-quality inspection (such as protein analysis), which used to take more than 20 days, can now be completed within 7 days.

Additionally, to stabilize the management of wheat-producing farms, the interim payment, which was 50% of the purchase price, will be increased to 90% starting this year. The remaining balance will also be paid early immediately after the completion of the entire purchase.

Furthermore, if farms lack drying facilities, harvested wheat will be dried at regional agricultural cooperatives' facilities, undergo quality inspection, and be purchased by the government through a pilot project called "Wheat Product Purchase."

Ninety-eight farms are participating in this product purchase, with a purchase volume of 1,032 tons.

Park Sujin, Director of Food Policy at the Ministry of Agriculture, Food and Rural Affairs, said, "The government will continue to expand the construction of wheat-dedicated drying and storage facilities and increase purchases to raise the self-sufficiency rate of domestic wheat."

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