Local farmers struggling as rice prices tumble 10% amid oversupply

Plunging rice prices caused by an oversupply are taking a serious toll on Korea's rice farmers. Rice farms in Ganghwa County near the western city of Incheon overcame last year's brutal drought by siphoning off water from the Hangang River,... but their efforts could go unrewarded. Rice prices have dropped to around one-hundred-27 U.S. dollars per 80-kilogram bag, ten percent lower than last year. At that price,... farmers will actually lose money due to the high production costs involved in harvesting rice Making matters worse,... Korea's Rice Processing Complex, which controls the amount of rice in the market through government purchase, is running a multi-million dollar deficit, which means it could have trouble helping farmers sell their harvest this year. Visit ‘Arirang News’ Official Pages Facebook(NEWS): http://www.facebook.com/newsarirang Homepage: http://www.arirang.com Facebook: http://www.facebook.com/arirangtv Twitter: http://twitter.com/arirangworld Instagram: http://instagram.com/arirangworld