Good Weather Conditions May Depress Rice Prices
Good Weather Conditions May Depress Rice Prices
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2013.10.28 18:04
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SEOUL, KOREA- The rice price is forecast to fall as rice production for this harvest season is expected to be higher than last year. According to the Agricultural Outlook Center at the Korea Rural Economic Institute on October 24, this year's rice output is estimated at 4.24 million tons, up 5.8 percent from the previous season.Of these, 3.87 million tons will be out for sales in the market while 8.7 percent (370,000 tons) of it will be purchased under a government rice price stabilization program.
 
The total rice cultivation area for the year was 8,330 square kilometers, down 1.9 percent from 2012. But the expected per-1,000-square-meter output is 510 kilograms, up 37 kg from last year. The Korea Statistical Office said the higher yield was largely due to good weather conditions during the grain-ripening time.
 
The current price for rice delivered to processing centers has been on a downward trend. As for the rice produced last year, the average September price for an 80-kg burlap was 175,827 won, down 1,076 won (-0.61%) from the previous month. As of October 15, the 80-kg-pack price of newly harvested rice was 172,000 won, down 6,360 won from ten days ago, although this was about 2.4 percent higher than that from a year ago.

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