Proactive Price Reduction of Compound Feed... Nonghyup Feed Lowers Price by Additional 300 Won per Bag

The Ministry of Agriculture, Food and Rural Affairs recently announced on the 23rd that the compound feed industry has decided to proactively lower feed prices to stabilize the management of livestock farms.

Previously, Nonghyup Feed reduced the price of compound feed bags (based on 25kg) by 500 won in December last year and by 625 won in February this year. Additionally, starting from shipments on the 28th, the price will be further lowered by 300 won per bag. Through this, the Ministry of Agriculture, Food and Rural Affairs expects that the total feed cost savings for livestock farms using Nonghyup Feed will amount to approximately 3.7 billion won per month.

An official from the Ministry explained, "Initially, it was expected that the prices of major raw materials used in the feed industry, such as corn, would remain high until the third quarter, so feed price reductions were anticipated to be possible only from the fourth quarter. However, considering the prolonged rise in feed prices and recent flood damages causing difficulties for livestock farms, it was decided to bring forward the reduction of compound feed prices by about two months."

So far, the Ministry has been consulting with the feed industry to discuss measures to alleviate the management burden on livestock farms. Following Nonghyup Feed, the Ministry understands that other feed companies are also considering early price reductions.

Kim Jeong-wook, Director of Livestock Policy at the Ministry of Agriculture, Food and Rural Affairs, stated, "We will continue to communicate with the feed industry to stabilize the management of livestock farms," and urged, "We ask other feed companies to actively participate in this price reduction."

(Photo for reference)

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