The Ministry of Agriculture, Food and Rural Affairs said on the 25th that it will stockpile 400,000 tons of rice this year. The ministry plans to raise the interim settlement payment per sack (based on 40 kilograms of unmilled rice) for rice purchased from farms from 40,000 won to 60,000 won.
That day, the ministry said the "2026 public stockpiling implementation plan and 2027 government-managed grain supply and demand plan" containing these details was approved by the Cabinet. The ministry operates the "public stockpiling system" to stockpile key food staples each year to prepare for food shortages caused by climate change and other factors. Over the past five years, the annual volume of rice stockpiled has been between 400,000 and 450,000 tons. This year's volume is similar to an average year. Of the 400,000 tons of public stockpiles, 35,000 tons are rice for flour.
The purchase price for publicly stockpiled rice will be decided at year's end by converting the average producer price of rice during the harvest season, October–December, into the price of unhulled rice. The ministry decided to pay farms 60,000 won per sack as an interim settlement immediately after purchase. To stabilize farm management, it has paid an interim settlement since 2017, raising it from 30,000 won in 2017 to 40,000 won in 2024, and to 60,000 won this year.
Also this year, for low-protein eco-friendly rice, 5% of the purchase amount will be paid as an additional charge. The protein content of eco-friendly rice will be tested, and incentives will be given to the top 30% of farms with the lowest levels. The less fertilizer is used, the lower the protein content of the rice tends to be, and the better the taste.
The ministry said that as of the end of October this year, the rice inventory among government-managed grain is expected to be 710,000 tons. Accordingly, it plans to manage the inventory at around 840,000 tons as of the end of October next year.