Rice farmers fret over falling prices

Economy

Rice farmers fret over falling prices

Published: 05 Sep. 2024, 18:09

Rice farmers in Yesan county, South Chungcheong, plow paddies on Thursday. [YONHAP]

Rice farmers in Yesan county, South Chungcheong, plow paddies on Thursday.

The province's farmers' association is demanding that the government withhold 200,000 tons of rice from the market in order to maintain prices, which have fallen 18 percent from a year ago. The organization wants the government to devise remedial measures for the falling price, which sank to 176,600 won ($132) per 80-kilogram (176-pound) bag in the region last week.

The government announced last month that it would purchase 450,000 tons of rice to address oversupply and stabilize prices, with declining consumption of the staple grain in Korea driving down demand.