NongHyup Feed Lowers Feed Price by 500 Won per Sack... "Livestock Farmers Save 48.3 Billion Won Annually"

From the 19th - 500 KRW Discount per 25kg Bag of Compound Feed for Fattening Cattle

Nonghyup Feed announced on the 13th that starting from shipments on the 19th, it will reduce the price of feed for beef cattle by 500 KRW per sack (25kg), an average decrease of 4.0%. Nonghyup Feed had previously lowered feed prices four times last year and also reduced the price by 250 KRW per sack in April this year.

A Nonghyup Feed official stated, "This measure is a proactive response despite the recent decline in grain prices being reflected in the fourth quarter of this year," adding, "With this price reduction, livestock farmers are expected to save 48.3 billion KRW annually on feed costs."

The decision to reduce prices was made as many Hanwoo cattle farms have suffered significant business losses and have given up raising cattle due to the sharp drop in Hanwoo auction prices and increased production costs. Nonghyup Feed aimed to share the pain of livestock farmers and provide practical support.

Kim Kyung-soo, CEO of Nonghyup Feed, said, "Nonghyup Feed prioritizes co-growth with Hanwoo farmers," and added, "We will closely monitor grain prices and exchange rate fluctuations and promptly reflect any additional factors for price reductions to help reduce the production cost burden on livestock farmers."

So far, the government has been monitoring the international grain purchase status and exchange rates of the feed industry to alleviate the management difficulties of livestock farmers, including Hanwoo farmers struggling with falling Hanwoo prices. The government has requested cooperation to ensure timely reflection of raw material cost reductions in feed prices and that profits from improved business conditions lead to feed price reductions.

Kim Jung-wook, Director of Livestock Policy at the Ministry of Agriculture, Food and Rural Affairs, said, "The scale of Nonghyup Feed's price reduction exceeds the expected decrease in raw material costs, which can be seen as a decision to reduce the production cost burden on livestock farmers facing management difficulties and to promote mutual growth," and urged, "We ask other private feed companies to also participate in feed price reductions."

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