Rice production this year decreased by 10,000 tons compared to expected... “Impact of drought and high temperature”
Quick Look
- As the final production of rice this year is 3.508 million tons, which is 10,000 tons lower than originally expected, the excess production of rice for rice is expected to decrease from 70,000 tons to 60,000 tons.
- The Ministry of Agriculture, Food and Rural Affairs cited drought and high temperatures in July and August as the causes.
AI-generated summary
Why It Matters
This year's final rice production was 3.508 million tons, a 0.3% decrease from the expected production announced on the 8th of last month. The production per unit area is 523.6 kg per 10 are, which is higher than last year and the average year. The area applied for rice for supply and demand control was calculated to be 11,000 ha.
As this year's rice production decreases by 10,000 tons (t) compared to the original estimate, excess rice production is expected to decrease from the originally expected 70,000 tons to 60,000 tons.
The Ministry of Agriculture, Food and Rural Affairs announced on the 13th that the final production of rice this year announced by the National Data Agency was 3.508 million tons, a 0.3% decrease from the expected production announced on the 8th of last month.
This year's rice production per unit area is 523.6 kg per 10 are (a), which is higher than last year (522 kg) and the average year (521 kg).
The Ministry of Agriculture, Food and Rural Affairs cited the effects of drought and high temperatures in July and August as the reason for the decrease in rice production than expected.
The application area for 'rice for supply and demand control', which was introduced for the first time this year, was calculated to be 11,000 ha (hectares).
Rice for supply and demand control is rice that is isolated in advance from the rice market so that it can only be used for everyday processing.
Considering this, this year's rice production was estimated at 3.45 million tons, down 10,000 tons from the initially expected 3.46 million tons.
Accordingly, this year's excess rice production also decreased from about 70,000 tons to 60,000 tons.
However, the Ministry of Agriculture, Food and Rural Affairs explained that the final production volume may vary depending on the results of the performance inspection of rice for supply and demand adjustment.
Currently, most of this year's rice harvest has been completed, and local rice prices are showing a similar trend to last year.
The price of local rice fell from 58,803 won per 20 kg on the 5th of last month to 57,403 won per 20 kg on the 5th of last month.
The Ministry of Agriculture, Food and Rural Affairs announced that it is pursuing the return of remaining government grain rentals as planned in accordance with the rice supply and demand stabilization measure announced on the 14th of last month.
An official from the Ministry of Agriculture, Food and Rural Affairs said, "We plan to closely examine the rice market situation, including rice purchase prices, and supplement supply and demand stabilization measures if necessary."
What to Watch
AI outlook — possibilities, not facts
The final rice production may change depending on the results of the rice implementation inspection for supply and demand control.
Possible · Within weeks
Open Questions
- How will the final production volume change depending on the results of the rice implementation inspection for supply and demand control?
- How will the government supplement rice supply and demand stabilization measures?
