April 24, 2024
Economy
Gov’t moves to stabilize egg, poultry prices
[THE INVESTOR] The government will release its egg and poultry stock early next month to stabilize prices, the Agriculture Ministry said on May 24.
Depending on price moves, up to 5 million eggs will be released for two weeks at a price 30 percent lower than the market, according to officials. For poultry meat, the government will put in 2,100 tons from May 31, an amount equal to one to two days of domestic consumption. The meat will be sold 50 percent cheaper than the market price.
The National Agricultural Cooperative Federation will purchase the eggs and poultry from the government at wholesale prices and sell them through its outlets nationwide, officials said.
Private distributors, who hold an estimated 6,000 tons of poultry meat, will be encouraged to release their stock as well, they said.
The government is closely watching the egg market for a price resurge. The average price of a 30-egg carton exceeded 8,000 won (US$7.09) last week after stabilizing in the 7,000-won range in February.
By Alex Lee and newswires (alexlee@heraldcorp.com)
Depending on price moves, up to 5 million eggs will be released for two weeks at a price 30 percent lower than the market, according to officials. For poultry meat, the government will put in 2,100 tons from May 31, an amount equal to one to two days of domestic consumption. The meat will be sold 50 percent cheaper than the market price.
The National Agricultural Cooperative Federation will purchase the eggs and poultry from the government at wholesale prices and sell them through its outlets nationwide, officials said.
Private distributors, who hold an estimated 6,000 tons of poultry meat, will be encouraged to release their stock as well, they said.
The government is closely watching the egg market for a price resurge. The average price of a 30-egg carton exceeded 8,000 won (US$7.09) last week after stabilizing in the 7,000-won range in February.
By Alex Lee and newswires (alexlee@heraldcorp.com)
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