South Korea to increase wheat and bean production

In order to increase protection from sudden hikes in world prices, South Korea will increase the production of wheat and beans.

The Ministry for Food, Agriculture, Forestry and Fisheries said Thursday (Dec 3) it will revise the self-sufficiency target set in 2007 for key farm products to better reflect market changes.

An official source noted that South Korea should also boost the production of hay and products that could be used for animal feed.

Grain prices have increased in recent years due to low production and the prevention of overseas sales by some exporters. Prices were also driven up by the diversion of corn supplies for biofuel production.

Policymakers are in the process of reviewing existing production targets and will set new self-sufficiency goals for key products in 2011, said the ministry.