Gov't to purchase 370,000 tons of rice for stockpile

The government will purchase 370,000 tons of rice this year as part of a national stockpile that can be used to help control prices and also in times of emergency, such as war, the farm ministry said Thursday.

The amount represents a slight increase from 340,000 tons in 2011, according to the Ministry of Food, Agriculture, Forestry and Fisheries.

The fresh crop of rice will be purchased directly from farmers, who can receive up to 90 percent of the price in advance, starting on Monday.

The new purchases will replace an equivalent amount of rice from the government's 720,000-ton stockpile, the ministry said. (Yonhap)