With rice reserves at record highs and prices falling, the government has decided to convert more old rice into animal feed next year.
The Ministry of Agriculture, Food and Rural Affairs says that starting in January, it will allow 240-thousand tons of rice harvested in 2013 to be processed into animal feed. This year, the government had supplied 100-thousand tons of such rice for animal feed starting in February.
As of the end of September, rice reserves amounted to one-point-71 million tons, or more than twice the manageable level of 800-thousand tons.
Rice prices, meanwhile, slipped to 129-thousand-628 won per 80 kilograms as of October 25th due to successive bumper harvests and stagnant consumption. It marked the first time since 1995 that the average price of rice per 80 kilograms plunged below 130-thousand won.
The Agriculture Ministry plans to set within this month the price for rice to be used for animal feed.
Source: KBS World Radio