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Gov't to Purchase 370,000 Tons of Rice for Stockpile

Gov't to Purchase 370,000 Tons of Rice for Stockpile

18 September 2012

SOUTH KOREA - The government will purchase 370,000 tons of rice this year as part of a national stockpile that can be used to help control prices and also in times of emergency, such as war, the farm ministry said.

The amount represents a slight increase from 340,000 tons in 2011, according to the Ministry of Food, Agriculture, Forestry and Fisheries, reports YonhapNewsAgency.

The fresh crop of rice will be purchased directly from farmers, who can receive up to 90 per cent of the price in advance, starting on Monday.

The new purchases will replace an equivalent amount of rice from the government's 720,000-ton stockpile, the ministry said.

TheCropSite News Desk



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