Governmental Purchase of Beans(Beans, Adzuki Beans, and Mung Beans)
Targets : Farmers
Bean is the major supply source of vegetable protein and has the second largest cultivation area following rice in Korea. Beans are consumed in various forms such as Jang (Korean sauce), tofu and bean sprouts in addition to choice beans that are cooked as they are. In preparation to the imbalance of supply and demand of international grains, a certain level of self-sufficiency rate was required. In 1968, the annual governmental purchase of beans began. * Purchasing policy has been in place from 1986 to 1997 for red beans and mung beans. In 2016, a trial purchasing policy was introduced.
The government purchases beans at designated prices, to secure sales channels for farms, and create a stable production condition by supporting price.
It also pursues stabilized market price by reserving stock holdings for certain amount of beans and releasing beans in case of an instable supply and demand situation.
Beans produced by farmers under governmental purchasing contract are purchased at the governmental purchasing price that has been notified in advance
Purchasing Items: Soybeans, bean sprout beans, red beans and mung beans produced in the same year
Purchasing Volume: 60,700 tons (60,000 beans, 500 red beans and 200 mung beans) planned for 2020
Purchasing the entire amount of beans produced according to the 2020 project to support cultivation of crops other than rice in paddy fields
Agreement: Establishing farming plans and providing stable production conditions by making a contract between Nonghyup Economy Holdings (local Nonghyup) and farms (applicants) before seedtime of beans
Purchasing and Sales Period: December 1, 2020 - March 31, 2021
Article 13 of the Act on Distribution and Price Stabilization of Agricultural and Fishery Products, and Regulations for Governmental Stock Holding Project