This Year, 20,000 Tons of Domestic Wheat to Be Publicly Stockpiled... 21% Increase Compared to Last Year

Purchase Price 39,000 KRW per 40kg
Regional Nonghyup Targeted Fresh Produce Procurement, Expanded from 1,000 to 6,000 Tons

The government has decided to purchase 20,000 tons of domestically produced wheat this year. The purchase volume will increase by 21% compared to the previous year, and the purchase period will be moved up by one week to facilitate farmers.

The Ministry of Agriculture, Food and Rural Affairs announced on the 25th that it has established and will implement the 2023 domestic wheat public stockpiling plan to stabilize the supply and demand of domestic wheat and ensure food security. The ministry is expanding public stockpiling of domestic wheat every year to encourage stable production and supply and to expand the consumer base.

The purchased varieties are four types mainly cultivated by domestic wheat farmers: Geumgang, Saegeumgang, Jokyung, and Baekgang. The purchase price is 39,000 KRW per 40 kg, the same as the private purchase price.

This year’s public stockpiling purchase will start one week earlier than last year (June 22) to increase stockpiling volume and shorten farmers’ drying and storage periods for their convenience. The purchase period will be about eight weeks, from June 16 to July 31.

In addition, the on-the-spot purchase method, which was piloted last year in areas lacking drying and storage facilities, will be greatly expanded this year. On-the-spot purchase means drying wheat from farms without drying and storage facilities using drying facilities of nearby regional agricultural cooperatives, followed by immediate government quality inspection and purchase.

The on-the-spot purchase will involve eight regional agricultural cooperatives: Gunsan Hoehyeon Nonghyup, Buan Haseo Nonghyup, Muan Cheonggye Nonghyup, Uiryeong Dongbu Nonghyup, Gimje Gongdeok, Baeksan, Yongji Nonghyup, and Gimje Horticultural Nonghyup. The purchase volume will also increase from the previous 1,000 tons to 6,000 tons. This is included in the total stockpiling volume of 20,000 tons this year.

The on-the-spot purchase volume will be prioritized according to the production farmers’ requested timing, and incentives such as interest-free funds up to 3 billion KRW per location will be provided by the National Agricultural Cooperative Federation to participating cooperatives.

Furthermore, the Ministry of Agriculture, Food and Rural Affairs will work to improve the quality of domestic wheat. To reduce quality deterioration during storage, the moisture content ratio will be strengthened from the previous 13% to 12.5%, and a newly established quality management standard will be tested. The quality management standard will be piloted in about 10 regions nationwide, and the final standard, considering purchase prices by grade, will be confirmed in the second half of the year.

Jeon Han-young, Director of Food Policy at the Ministry of Agriculture, Food and Rural Affairs, said, “To increase the wheat self-sufficiency rate, we will expand public stockpiling to ensure continuous expansion of domestic wheat production, and increase support to boost domestic wheat consumption by discovering new demand, expanding contract cultivation, and supporting milling costs.”

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