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📜 PolicyKorea Agricultural Policy Newspaper (한국농정신문)

Reduction in next year's wheat and soybean stockpile budget

Korea Agricultural Policy Newspaper
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[Korea Agricultural Policy News Reporter Kwon Soon-chang] Concerns are rising as a noticeable reduction in the stockpiling budget for certain items is being pursued within the Ministry of Agriculture, Food and Rural Affairs' 2027 budget. The five items listed on the Ministry’s ‘Expenditure Restructuring Project List’ are wheat, soybeans, chili peppers, sesame seeds, and red beans. Government procurement and stockpiling of wheat and soybeans are core agricultural policy initiatives aimed at fostering domestic wheat and soybean production and increasing food self-sufficiency. However, due to the sluggish pace of growth and the burden of inventory, the government appears to be shifting its responsibility. Compared to this year's main budget, the stockpiling plans in the 2027 budget proposal have been reduced: wheat from 33.2 billion won to 26.7 billion won (29,000 tons to 20,000 tons), and soybeans from 315 billion won to 157.3 billion won (60,000 tons to 30,000 tons).

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