NongHyup Feed to Cut Price by 700 Won per Sack from the 20th... Fourth Reduction This Year

Monthly Feed Cost Savings of Approximately 7.7 Billion KRW

Nonghyup Feed has decided to further reduce feed prices to stabilize the management of livestock farms.

The Ministry of Agriculture, Food and Rural Affairs announced on the 18th that Nonghyup Feed will reduce the price of compound feed by an additional 700 won per bag starting from shipments on the 20th.

Nonghyup Feed had previously reduced the price of compound feed bags (based on 25kg) by 1,425 won in three phases from December last year to August this year. With this latest reduction, the cumulative discount rate reaches 14%, and it is expected that the total feed cost savings for livestock farms using Nonghyup Feed will be approximately 7.7 billion won per month.

A Nonghyup Feed official stated, "Considering the prolonged rise in feed prices in the domestic feed industry and the difficulties faced by livestock farms due to flood damage, feed prices were proactively reduced starting in August." He added, "Nonghyup Feed decided on the additional reduction in December reflecting the decline in international grain prices and the recent stabilization of the exchange rate."

The Ministry of Agriculture, Food and Rural Affairs has been discussing measures to alleviate the management burden on livestock farms through close communication with the feed industry. On the 13th, Park Su-jin, Director General of the Food Policy Bureau at the Ministry, visited the Chungcheong branch of Nonghyup Feed and requested that the decrease in manufacturing costs be promptly reflected in feed prices.

Kim Jeong-wook, Director of Livestock Policy at the Ministry, said, "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)

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